Nigeria maintains a heavy reliance on fossil fuels, posing severe economic and climate risks despite participating in global initiatives for energy transition. The country’s actions, characterized by the embrace of new oil refineries and exploration, conflict with its stated commitment to reducing emissions, highlighting a significant policy inconsistency which may jeopardize both its climate and economic future.
Nigeria’s commitment to fossil fuels underpins its economic framework, yet this path poses severe climate ramifications. The anticipation surrounding the Dangote Refinery, alongside the government’s endorsement of additional oil refineries and fresh hydrocarbon explorations, underscores a dangerous dedication to oil dependency while superficially affirming support for the green transition. Despite being a participant in the global dialogue on energy transition at COP28, Nigeria continues to cling to fossil fuels, reflecting a stance of what has been characterized as “both-wayism.” This duality—proclaiming dedication to climate action while simultaneously expanding fossil fuel initiatives—reflects a significant inconsistency in policy. The country is among those most vulnerable to the adverse impacts of climate change, as emphasized by various instances of severe weather events, including devastating floods in Maiduguri. While the leaders have acknowledged the urgency of climate issues, actual measures have been decidedly inadequate. For instance, President Bola Tinubu’s previous remarks equating climate change to a “poisoned holy communion” displayed a dissonance that has persisted even as he advocated for disaster preparedness in recent months. His administration’s creation of a committee for climate action highlighted a commitment to dialogue rather than tangible progress towards mitigating climate change. Furthermore, Nigeria is not transitioning away from fossil fuels but rather doubling down on hydrocarbon exploration, as mandated by the Petroleum Industry Act. The ongoing production of fossil fuels continues to exacerbate the country’s vulnerability to climate impacts, while paradoxically, global trends show other nations, including major polluters, are advancing toward renewable energy. A stark contrast exists where countries such as Brazil and the United Kingdom are moving away from the reliance on oil refineries in favor of renewable sources, even as Nigeria inaugurates new refineries. The future of energy increasingly favors sustainable sources, positioning countries that prioritize renewable energy at the forefront of the global economy. Nigeria’s intransigence in adhering to its fossil fuel economy heralds potentially bleak economic prospects, as global demand for oil declines and investment in fossil fuel projects diminishes. Ultimately, Nigeria’s refusal to embrace the transition towards greener alternatives jeopardizes its economic resilience and deepens its climate vulnerability, presenting the nation with a critical juncture from which it must choose wisely.
Nigeria’s economy heavily relies on oil and gas exports, making it particularly vulnerable to shifts in global energy consumption patterns. Despite acknowledging the threats posed by climate change during international climate summits, the nation continues to invest in fossil fuel infrastructure. The inconsistency in policy is evident in the government’s regulatory framework that encourages oil exploration while simultaneously agreeing to sustainable energy commitments. The current trajectory showcases a struggle to reconcile economic reliance on hydrocarbons with the pressing need for climate action, thus complicating Nigeria’s position in the global economy as it faces increasing external pressures to transition to renewable energy.
In conclusion, Nigeria stands at a crossroads where its commitment to fossil fuels is increasingly incompatible with global energy trends favoring sustainability. The continued investment in oil and gas, highlighted by initiatives like the Dangote Refinery, poses significant risks not only to Nigeria’s climate goals but also to its long-term economic stability. The juxtaposition of Nigeria’s proclamations at international climate dialogues with its actions at home illustrates a critical need for a genuine transition towards renewable energy to avoid economic peril and enhance resilience against climate change impacts.
Original Source: businessday.ng
