The Federal Government reaffirmed its commitment to fostering an environment that encourages investment in hydrocarbons to tackle energy poverty, while minimizing Africa’s contribution to global emissions.
Speaking at S&P Global’s CERAWeek in Houston, Texas, Bola Ahmed Tinubu, Special Adviser on Energy to the President, Olu Verheijen, stressed that oil and gas investments in Africa will not make the continent a net contributor to global emissions.
During the session, chaired by Vera Bray, head of market reporting and trading solutions at S&P Global, Verheijen was joined by key industry figures including Scott Tinker, CEO of the Tinker Energy Institute, and Sunita Narain, director of the Center for Science and Environment.
Ensuring a just energy transition for Africa was at the center of the discussion as the world moves toward net-zero emissions.
As part of Nigeria’s Decade of Gas initiative, the government is positioning natural gas as a transitional fuel to drive economic growth while mitigating carbon emissions.
Verheijen emphasized that Africa and other low-income countries account for only about 3-4% of global greenhouse gas emissions.
In stark contrast, China and the United States together account for nearly 40%, and China alone produces about 30% of global CO₂ emissions, while the United States accounts for about 13%.
Mr. Verheijen reiterated Nigeria’s commitment to a stable and attractive investment environment and emphasized the importance of clear and transparent policies in mitigating climate-related risks.
“In Nigeria, we are ensuring that we create an enabling environment for investment. When it comes to climate change, we recognize the importance of risk awareness in the market and are committed to time-tested and transparent policies that enable the deployment of capital,” she said.
He further emphasized the need for regional economic integration to improve market efficiency and attract investment.
“We need to strengthen economic integration across African countries to create larger and more attractive investment markets. By pooling resources, integrating markets and leveraging cooperation across the continent and regional blocs, we can drive sustainable development,” she added.
Mr. Verheijen also emphasized the important role of data collection and analysis in shaping sound policies in line with sustainable growth.
“Even if Africa achieves exponential economic growth and reaches middle-income country status, the continent will still not make a significant contribution to global emissions. The bulk of emissions reduction will need to be carried out by developed countries, who will need to diversify their energy sources and invest heavily in carbon removal and reduction technologies,” she explained.
He emphasized the need for a balanced approach that enables developing countries to harness their natural resources for economic prosperity, while implementing climate action that promotes adaptability and sustainability.
Through strategic investments and policy reforms, Nigeria and the wider African continent aim to address energy poverty, which poses important challenges.
