The revival of Nigeria’s interest in energy transition, climate change and green economic solutions has raised high expectations within the extractive industries.
With the United Nations’ projection that Nigeria’s population will rise to about 400 million people in the next 20 years, an unprecedented increase in energy demand and the obvious pressure that will bring to bear on energy financing in developing countries, including Nigeria, the work of the Committee is both important and urgent.
In this respect, NEITI’s legitimate interests in Climate Change, Energy Transition and Green Economic Solutions are institutional, legitimate and multi-dimensional.By its work and nature of operations, NEITI is equipped to support the country’s engagement in the areas of provision of access to credible information and data. This will be required to drive forward-looking analysis, underpin dialogue on policy responses as well as promote evidence-led public debate.
Apart from gas flaring, other major sources of dangerous emissions, massive environmental pollution and damage to the ecosystems include oil theft, illegal bunkering and refineries, pipeline vandalization.Data from NEITI Reports between 2009 and 2021 disclosed that Nigeria lost 619.7million barrels of crude oil, valued at $46.16billion, or the equivalent of N16.25 trillion between 2009 and 2020.
While BudgIT Foundation, the organisers of the Roundtable Dialogue were concerned about coordination, efficiency in financing, budgeting and costing of climate change, energy transition. But NEITI was interested in supporting the process with credible information and data to inform quality decision making.
Such a policy needs to be clear on the specific roles of the industry, government and investors in the implementation of the plan. Notably, the Minister of State for Environment, Dr. Ishaq Salako, who was the special guest at the BudgIT Roundtable, raised hopes of the government readiness to finance its renewed interest in support of the energy transition through the National Climate Change Policy and Climate Change Act designed to provide comprehensive policy framework and roadmap to sustain the country’s interest.