Victor EzejaSenator Heineken Lokpobiri, Minister of State for Petroleum Resources (oil) in Nigeria, asserted that despite global pressure to abandon fossil fuel investments, Nigeria remains committed to utilizing revenues from its hydrocarbons to fund a $1.9 trillion energy transition plan.
Lokpobiri in an address at the 54th annual World Economic Forum in Davos, Switzerland, highlighted Africa’s cautious stance on the shift from fossil fuels to renewable energy, underscoring President Buhari’s commitment to carbon neutrality by 2060. The goal comes with a hefty price tag, requiring $1.9 trillion to achieve net-zero emissions by 2060, including an additional $10 billion annually.
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Emphasizing Africa’s modest three percent contribution to global emissions, Lokpobiri cautioned against hasty actions that could impede the continent’s economic growth.
He argued for strategic investment in the fossil fuels sector, insisting on financial independence in the transition program and calling for partnerships over rigid deadlines.
“The conversation should be about fostering strategic partnerships and attracting investment, not enforcing timelines that could undermine our economic stability,”
Lokpobiri stated, urging a balanced approach between economic growth and environmental responsibility.
Highlighting Nigeria’s pivotal role in the global discourse, Lokpobiri revealed plans for a $1.9 trillion transition and $1.2 trillion renewable energy investment by 2060. He articulated a commitment to responsible exploration, advocating for a symbiotic relationship between fossil fuels and renewable energy.
As the world grapples with the transition dilemma, Lokpobiri’s call for investment and partnership resonates as a pragmatic pathway to a sustainable future, emphasizing the need for a balanced approach that ensures both economic growth and environmental sustainability.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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