Expert Charges FG, Banks To Harmonise Economic Growth With Environmental Stewardship

Regional coordinator, West Africa Capitals Coalition Hub, Eugene Itua has tasked the federal government and financial institutions to harmonise economic growth with environmental stewardship for smooth transitioning into green energy.

Itua’s advice is coming on the heels of the commencement of oil production by Dangote Refinery and plan by the government to resume local refining of crude oil.

Itua, in an exclusive interview with LEADERSHIP said, there is the need to carry out a comprehensive environmental assessment of existing refineries, including Dangote’s, which is imperative to identify and mitigate potential environmental impacts and risks.

Speaking on the role of government, Itua, who is also the Nigeria chair, International Institute of Risk and Safety Management said, the Nigerian government wields significant influence in shaping the country’s energy path, adding that its policies, investments, and regulatory decisions impact energy production, distribution, and consumption.

“By prioritising sustainable practices, promoting renewable energy adoption, and fostering innovation, the government can steer Nigeria toward a cleaner, more resilient energy future. Policymakers can foster sustainable development by creating an enabling environment for both the oil and gas industry and the renewable energy sector,” he added.

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“Key policy areas include: offering tax breaks and subsidies to encourage investment in renewable energy projects while ensuring fair competition; supporting research and development initiatives to advance renewable energy technologies and energy efficiency; build a resilient grid for integrating renewable energy, like modernising its electricity infrastructure and conducting extensive public awareness campaigns to educate citizens about the importance of energy efficiency and the benefits of renewable energy,” Itua recommended.

He also tasked international donors to fund large-scale renewable energy projects; provide loans for energy infrastructure development; support research, capacity building, and policy formulation; facilitate the transfer of clean energy technologies and offer financial instruments to reduce investment risks.

He affirmed that Nigeria is at a crossroads, and the path chosen will significantly impact the country’s economic prosperity and environmental sustainability and that, by embracing a balanced approach prioritising economic growth and environmental protection, Nigeria can position itself as a global leader in sustainable development.

While the Dangote Refinery presents challenges, Itua stated that,  it holds the potential to catalyse innovation and progress if managed responsibly, offering a hopeful vision for Nigeria’s energy future. Successfully navigating this complex landscape requires strong political will, effective governance, and a commitment to a sustainable future for future generations, he advocated.