Nigeria joined several emerging market leaders in taking a firm but controversial position behind the idea of ‘common but differentiated’ paths that take account of varying local contexts.
Nigeria’s Energy Transition Plan covered several sectors, including Power, Transport, Oil and Gas, Cooking, and Industry, and aimed to achieve universal access to energy by 2030 and carbon neutrality by 2060. It also aimed to create up to 840k jobs and was estimated to cost $1.9 Trillion. Convertibility and capital controls have long been cited as a big fear for international investors as well, as they relate to foreign exchange risks. In simple terms, investors worry about their ability to take money out of the country following an investment.Beyond policies aimed at accelerating the energy transition, it is important that the government focuses on stabilizing the currency to create the right enabling environment.
The Federal Government already has experience issuing green bonds following its first issue in 2017 which served as a pilot to a foreshadowed NGN 150 billion green bond programme. However, the market has yet to truly take off with sustained momentum due to the lack of a clear long-term framework for project scoping, development, and financing.
From the scripture in 1 peter 1:23, we see that every child of God, at salvation has a seed in him/her. This seed received by the word of God is meant to grow into fruit just like every natural seed.