Nigeria Can’t Rely Solely On Renewable Energy To Grow Economy – Osinbajo Warns Incoming Administration

ABUJA – Vice President Yemi Osinbajo, Thursday, described the call for developing countries to develop their industries solely on renewable energy as unreasonable because no country has been known to develop its industries solely on renewable energy.

Prof Osinbajo stated this in Abuja during a book launch authored by Dr. David Ige and Dapo Akinosun titled: Understanding Natural Gas: A Nigerian Perspective.

He noted that though climate change issues pose existential threat to the world, energy poverty was a big threat to Nigeria, adding natural gas would play a central role in Nigeria’s quest to develop its economy using a cleaner energy source.

He stated with the global push for cleaner energy, Nigeria has the potential to lead the process using its vast gas resources.

He said: “So a push to phase out fossil fuels quickly and discourage new investments in related projects is ramping up and we must take these calls to action seriously, not just for the sake of our environment, but also for our economy and for our people. It’s important that we must emphasize that while climate change is an existential threat, our own energy poverty and our development is also a major threat.

“And so we must find your way of balancing both. Now, I think that this will involve a faithful implementation of our Energy Transition Plan, which as some of us will know, involves the implementation of a decade of gas proposals. We must also assure our compatriots in the Paris agreements and other agreements that the use of gas as a transitional fuel will not significantly derail our commitment to carbon negative growth.

“Nigeria’s Energy Transition Plan attempts to chart a pathway forward because we see solar and renewable energy as the bedrock of that plan. And the plan is to develop 250 gigawatts of solar power by 2060, which is when we intend to reach net zero”, he added.

The event was atended by several dignitaries including the Chief Justice of Nigeria, Justice Olukayode Ariwoola, NNPC Limited GCEO, Mele Kyari as well as the representatives of the governors of Lagos and Oyo states.