NIES 2023: Osinbajo Praises Nigeria's Energy Transition Strategy

Vice president Yemi Osinbajo has called the nation's energy transformation strategy "bold and innovative."

This was expressed by Osinbajo on Tuesday in Abuja when he opened the exhibition for the current 2023 Nigeria International Energy Summit (NIES) at the International Conference Centre.

Vice-President, Yemi Osinbajo, at the opening of the Nigeria International Energy Summit (NIES) 2023 exhibition in Abuja

“Our energy transition plan is bold and innovative, it calls for the ramping up of solar cells and we are going to be doing 5.3 giga watts per year until 2060, and we think the plan is perfectly achievable,” he said.

To guarantee a seamless transition to renewable energy sources for the nation's energy strategy, Osinbajo said efforts had been made to enhance the energy industry.

“The production of over 6 billion litres of bio fuels annually to green is the part to e-mobility and the transition of at least 2 million Nigerian households annually to cleaner cooking fuel such as LPG and electricity every single year.

“I think these ambitions are achievable if we set our minds to it.

“We are also part of the important initiatives around carbon trading and I believe that this holds important opportunity for those of us in the oil and gas sector.

“I have in the past year been working with a dedicated team of individuals and companies named ‘The African Carbon Market Initiative’ and the point of this committee is to open up the tremendous potential in carbon market trading.

“This is something we need to work on seriously and we have the Nigerian Carbon Market Initiative; we think that it is a win-win for everyone especially the oil and gas sector because of the carbon market trading opportunities in the sector.

“Also barely two weeks ago, the Nigerian Sovereign Investment Fund and its partner launched the ‘Carbon Vista Joint Venture Fund’ that will invest in carbon emission reduction projects in Nigeria and promote the Nigerian Carbon Market Initiative,” Osinbajo said.

The inaugural fund has been set up with a 50 million dollar budget, and the vice president claims that stakeholders in the sector have been urged to contribute more funds in order to meet the goals.

He exhorted the business sector to state its own goals for sustainable energy that would be consistent with the federal government's energy transition strategy.

In the oil and gas industry, he said that this would improve government and private sector collaboration and joint venture.

“It is the energy sector working with government that can muster the human and material resources and move the needle on this kind of ambition.

“Honestly, Africa is the place where we can sensibly and economically go ahead with green civilisation, nowhere else has that potential.

“Everywhere else today, we are the lowest emitters today and because we are the lowest emitters and possibly some of the largest natural resources that will aid that journey.

“We can be much more effective and we can do more in developing our own agenda for a great future more than starting that journey elsewhere.

“The greatest emitters in the world are the global north countries, so if you are going to do anything on a green energy future, you start from a low emission base and that low emission base is here in Africa.

“We have the natural resources to do so. So, if we focus on those natural resources, we will move very fast and I think we have started well,” he added.