NESG, ACF Convene Stakeholders to Address Nigeria's Energy Transition
 
The Nigerian Economic Summit Group (NESG) and the African Climate Foundation (ACF) have met to bring together public and private stakeholders in support of Nigeria's Energy Transition Plan.
 
Dr Tayo Aduloju, Chief Executive Officer, NESG, represented by the facilitator of the Sustainability Policy Commission of the NESG, Dr Eugene Itua, noted that the goal of the engagement was to move Nigeria towards cleaner energy sources, while promoting economic growth.
 
Dr Segun Adaju, facilitator of the Energy Policy Commission of the NESG, while presenting on the challenges of Nigerian Energy Transition Plan, noted that the plan aimed to lift 100 million Nigerians out of poverty.
 
He said that it would manage job losses in the oil sector, provide modern energy access to the entire population and establish Nigeria as a leader in Africa's fair energy transition.
 
Furthermore, he stated that some of the findings of the project revealed inadequate and high cost of financing, lack of political will and coordination among stakeholders, low Levels of Public Awareness and Enlightenment and absence of skilled Capacity.
 
He also noted that misalignment of public and private sector Interests, absence of holistic policy frameworks and unfavourable enabling environment and policies were some of the challenges of the Nigerian Energy Transition Project.
 
He restated that the incentives required from the government to the Private Sector included Favourable Monetary and Fiscal Policies, improved coordination among Stakeholders and Enabling Business Environment.
 
Mrs Dolapo Kukoyi, a Public-Private Stakeholder Specialist/Thematic Lead Climate Change and Green Economy of the NESG’s Sustainability Policy Commission, said that the project would ultimately bring about information sharing and policy reforms that would support interventions to drive energy transition and inclusive development.
 
This, she said, would unlock opportunities in the energy sector and carbon market, stimulate climate change resilience, and unlock private sector and employment opportunities, research, development, and economic growth.
 
She emphasized the importance of strengthening public-private engagement, whilst supporting interventions that would drive socio-economic improvement.
 
Dr Salisu Dahiru, Director-General, National Council on Climate Change, while presenting on the Status of Carbon Market Framework in Nigeria, highlighted the critical role of the private sector in driving the plan.
 
According to him, finance is the first pillar in mobilising necessary channels.
 
He emphasised the need for a clear leader to direct and coordinate efforts, saying that currently, there was a lack of coordination between the private and public sectors, with each trying to protect their interests.
 
He advocated a common narrative that would define what it would take to be a practitioner in this field, with a focus on real specialists.
 
Dahiru, who acknowledged that Nigeria had the capacity and policies to support the energy transition plan, expressed the full commitment of the NCCC to adopting ideas, practices, and projects that could facilitate carbon trading.
 
 He also emphasised the importance of having a central organising body and a technical working group that would meet on a regular basis as well as representatives from all key players to support the Energy Transition Office.