NESG, climate foundation to drive Nigeria’s energy transition plan

The Nigerian Economic Summit Group (NESG) says it is currently partnering with the African Climate Foundation (ACF) to provide private sector support for Nigeria’s energy transition plan

Both organizations disclosed this yesterday at a workshop tagged “Private Sector Stakeholder Engagement Towards a Successful Nigeria Energy Transition.”

The aim was to fortify public-private collaboration in executing Nigeria’s energy transition strategy and bolstering the carbon market to drive socio-economic advancement.

Providing an overview of the project, thematic lead, Climate change and green economy of NESG, Mrs. Dolapo Kukoyi emphasised its goal of fostering information sharing and policy reforms to support interventions promoting energy transition and inclusive development.

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In his opening remarks, Mr. Zira Quaghe of the African Climate Foundation underscored the organisation’s commitment to climate finance. He highlighted 12 partnerships since 2022 aimed at advancing energy transition and carbon finance.

Quaghe stressed Nigeria’s need to adopt an economic transformation paradigm to expand energy access, create jobs, and diversify the economy.

Dr Segun Adaju from the Energy Policy Commission department of NESG highlighted the role of Nigeria’s energy transition project in mitigating anticipated job losses in the oil sector amid declining global fossil fuel demand.

Dr. Adaju also identified several challenges hindering the Nigerian Energy Transition Project, including inadequate and costly financing, insufficient political will, low public awareness, and a deficit of skilled personnel.