In the global pursuit for a sustainable future, the international community has adopted a multifaceted approach, of which Energy Transition occupies a pivotal position, in addressing the stark realities of climate change. In the absence of careful and strategic economic restructuring, the implications of Energy Transition for a country such as Nigeria, heavily dependent on revenue generated from its vast fossil fuel reserves, is an impending economic crisis arising from anticipated decline in global oil prices. Moreover, the adverse social and environmental consequences endured by local communities from decades of oil exploration and processing operations conducted in flagrant disregard for global best practices are highly disconcerting and cannot be overlooked.
With 63% of her population classified as multidimensionally poor and roughly 40% lacking access to electricity, the importance of incorporating ESG considerations in the transition to cleaner energy while seeking to achieve energy security in Nigeria cannot be overstated. This article aims to analyze the measures implemented by the Nigerian Government in fostering the adoption of clean energy and assesses their potential in achieving Net-Zero by 2060, all while ensuring energy security.
This article shall take the form of a 4 Part series starting with this Part 1 focusing on Nigeria's international commitment to Energy Transition. Part 2 will delve into the role of gas as Nigeria's transitional fuel, followed by Part 3, which will explore the development of Renewable Energy in Nigeria. And finally, in Part 4, we will evaluate the feasibility of Nigeria achieving Net-Zero by 2060 based on its current trajectory.
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Originally published 9 October 2023
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