The Nigeria Extractive Industries Transparency Initiative (NEITI) has welcomed with high expectations the unfolding renewed political commitments of President Bola Ahmed Tinubu towards strengthening Nigeria’s climate change, energy transition and green economic solutions.
The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, explained that the recent constitution of the Presidential Committee on Climate Action and Green Economic Solutions and the appointment of focal persons with specific responsibilities of coordinating and overseeing all policies and programmes on climate action and green economic development were fundamental steps that signaled the country’s interests in the international debate on climate change, energy transition and green economic solutions.
Dr Orji explained that with the United Nations projection that Nigeria’s population would rise to 400 million in the next 20 years, an unprecedented increase in energy demand that would put so much pressure on energy financing for developing countries, including Nigeria, made it important for the country to prepare adequately for “this so as to minimise the associated risks.”
The NEITI boss was speaking in Abuja at a roundtable organised by BudgIT Foundation, an NGO on tracking energy transition costs and transparency in budgeting.
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He said, “NEITI identified that deliberate investments in the solid minerals sector, gas infrastructure and commercialisation, technology, research innovation, human capital development, transportation, food security and use of low-carbon hydrogen as priority areas of focus in the country’s budgeting to respond to energy transition and climate change.
“These opportunities come at a cost that requires commitment to compute them in terms of human and material resources.”
Dr Orji further reiterated the importance of gas commercialisation as an important pathway for Nigeria to mitigate the risks and economic impacts of climate change and energy transition.
He said, “NEITI’s recent report of the oil and gas industry disclosed a total unremitted revenue of gas royalty payments of $559.8m and another unremitted sum of $828.8m from unpaid gas flare penalties. A close look at these figures indicate that more gas was flared during the period than utilised, thereby posing serious dangers to the global zero emissions agenda.”
He, therefore, called for a review of the country’s gas commercialisation policy to align with President Bola Tinubu’s positive renewed commitments to climate change and green economic solutions.
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