Vice President Yemi Osinbajo at the weekend, said amidst global calls for a transition to cleaner energy, Nigeria currently cannot afford to abandon fossil fuel deposits.
He said already, countries were already investing in the development of renewable energy technologies, such as gas, solar and wind farms.
The Vice President spoke at a book launch titled: “Understanding Natural Gas, a Nigerian Perspective,” authored by Dr David Ige, a former Executive Director in charge of Gas and Power at the NNPC, and Dapo Akinosun, a senior lawyer.
He stressed that in recent months, natural gas has taken centre stage in global politics and geopolitics, especially with the ongoing war in Ukraine.
He said as gas prices skyrocket, countries were forced to confront vulnerabilities of their own energy supply strategies, thus giving rise to an urgent call for reevaluation and diversification.
He said, “Our nation, like all those around the world, finds itself suddenly in a situation where we must navigate this challenging transition to realize an economic future in a clear perspective.
“So beyond the present price volatility and geopolitical tensions, the reality of climate change and the increasing urgency for cleaner energy sources are also becoming more apparent.”
He noted that the push to phase out fossil fuels quickly and discourage new investments in related projects is ramping up, stressing the need for Nigeria to take these calls to action seriously.
“It is important that we must emphasise that while climate change is an existential threat, our own energy poverty and our development is posed to a major threat,” he added.
To balance these, he stressed the need to faithfully implement the Energy Transition Plan, which involves the implementation of Nigeria’s decade of gas proposals.
“We must also assure our compatriots in the Paris agreements and other agreements that the use of gas as a transitional fuel will not significantly derail our commitment to carbon negative growth,” he said.
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