The Nigerian Economic Summit Group (NESG) has partnered with the African Climate Foundation (ACF) to hold a “Private Sector Stakeholder Engagement Towards a Successful Nigeria Energy Transition” on Thursday, February 22, 2024. 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. This includes unlocking opportunities in the energy sector and carbon market, enhancing climate change resilience, and fostering private sector growth, employment, research, development, and economic expansion. She stressed the significance of reinforcing public-private partnerships to drive socio-economic progress.
In his opening remarks, Mr. Zira Quaghe of the African Climate Foundation underscored the organisation’s commitment to climate finance. He highlighted twelve 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. He advocated for substantial private sector investment, with the government guiding policy formulation and regulatory frameworks.
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. Nigeria aims to lead Africa in promoting a fair, inclusive, and equitable energy transition by streamlining existing and emerging government initiatives.
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. He emphasised the necessity for government incentives to encourage private sector involvement, such as favourable monetary and fiscal policies, enhanced stakeholder coordination, and a conducive business environment.
Facilitator of the sustainability policy commission at NESG, Dr. Eugene Itua, said it was significant as a vital avenue for accessing finance and fulfilling Nigeria’s Nationally Determined Contributions. Dr. Itua highlighted the limited engagement of stakeholders in sectoral projects within the voluntary carbon market, stressing the government’s role in facilitating participation through supportive policies, capacity building, tax incentives, and investments.
President of Women in Energy Network, Ms. Eyono Fatayi-Williams emphasised the necessity of a framework prioritising women’s inclusion due to their disproportionate impact. She highlighted capacity building and the creation of an enabling environment for indigenous solutions as primary concerns.
CEO of AllOn, Ms. Caroline Eboumbou highlighted the potential of the carbon market as a revenue source but stressed the need for greater awareness among companies. She advocated for streamlining carbon markets to ensure mutual benefits for all stakeholders. Associate Partner at Sahel Consulting, Mr. Chinedu Agbara echoed the importance of communicating the energy transition plan to private sectors and households. He emphasized the need for incentives such as tax breaks and subsidies to facilitate adoption and reduce greenhouse emissions in Nigeria.
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