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President Bola Tinubu on Tuesday expressed Nigeria’s preparedness to participate in friendly competitions in the international market for the supply of renewable energy as a way of diversifying the country’s economy.
The Nigerian leader expressed this ambition in an op-ed published on the CNN website which detailed his engagements at the just-concluded Conference of Party (COP28) climate change summit, which was held in Dubai, the United Arab Emirates (UAE).
Join our WhatsApp ChannelIn his words, “We are also looking to diversify our economy by engaging in friendly competition with Russia in the supply of energy to European markets. We can do it with natural gas and through green energy. This is why we are investing massively in both.”
Prime Business Africa reports that in the wake of its aggression against Ukraine, European countries under NATO have been seeking ways to break free from their reliance on Russia.
As of February, Europe imposed a ban on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine.
The Nigerian government had on the 21st of November announced the signing of a memorandum of understanding (MoU) with Germany on gas supply and renewable energy projects. The pact among other things requires Nigeria to supply gas to Germany in exchange for $500 million worth of renewable energy projects in Nigeria.
In his opinion piece, Tinubu said: “The truth is that we need partnerships for a new green economy in Africa. The European Union’s Global Gateway program and the US Build Back Better World initiative are potential resources we are keen to explore.
“African countries simply cannot travel on this road alone. There must be a fair and cooperative approach. For too long, too many developed nations have hesitated to do what they should,” he said.
“But the time for watching and waiting is over. Developed nations must honour commitments in the form of significant contributions to the Loss and Damage Fund and the $100 billion annual climate financing pledge.”
Tinubu pointed out that Africa’s energy transition pathway would be different from that of the rest of the world.
According to him, “Nigeria and much of Africa possess a unique advantage — we do not need to decommission coal-fired power plants.
“We have an unparalleled opportunity to leapfrog decades of conventional, high-emission industry by building our industrial future on a new green foundation.
”Choosing equity and justice in the global economy offers a chance to right past wrongs, save the planet, and create a better future for all.”
