Posted Sat, Mar 1, 2025 11:38 AM

NESG Engages Stakeholders on Global Energy Transition Initiative for Nigeria

The Nigerian Economic Summit Group (NESG), in collaboration with the GIZ-Partnership for Accelerated Global Energy Transition (PACT), held a high-level stakeholder engagement session on Wednesday, February 26, 2025. The session focused on driving Nigeria’s successful energy transition by providing guidance to partners involved in related initiatives and supporting targeted activities.

Nigeria has committed to achieving net-zero emissions and, in 2021, submitted its updated Nationally Determined Contributions (NDC) to the United Nations Framework Convention on Climate Change (UNFCCC). The country is currently implementing and reviewing its Energy Transition Plan (ETP), which outlines the ambitious efforts required to achieve the 2060 net-zero target while meeting national energy demands. Additionally, Nigeria has enacted several climate-related policies, including the Climate Change Act of 2021, the National Climate Change Policy (2021-2030), and the National Climate Change Programme for Nigeria (2021-2030).

Welcoming participants, Dr. Segun Adaju emphasized that achieving the Paris Climate Agreement and the Sustainable Development Goals (SDGs) necessitates a rapid global shift to clean energy. He stressed that this transition demands extensive and coordinated efforts from the international donor community in close collaboration with emerging and developing nations. He further highlighted that a successful Nigerian energy transition will inform policies that drive interventions in the energy sector, unlock opportunities in the carbon market, enhance climate resilience, boost economic development, and create private-sector employment and research opportunities.

Providing an overview of the project, its components, methodology, activities, and key stakeholders, Mr. Seun Adebayo of GIZ noted that PACT operates in Nigeria, Indonesia, and China, aiming to accelerate energy transition by fostering collaboration between government initiatives and international partnerships. PACT works to build the capacity of professionals in key sectors such as international gas and transportation, clean cooking, power, and commercial and industrial energy. He also highlighted PACT’s role in supporting the 2024 Renewable Energy Summit, which brought together over 200 stakeholders to advance best practices, policies, and regulations within the energy sector. Adebayo pointed out the significant gap in capacity building and stated that PACT plans to address this by offering certified energy and carbon audit training, including energy modeling, to improve technical expertise in energy distribution.

Speaking on the opportunities and challenges of Nigeria’s Energy Transition Plan (ETP), Mrs. Dolapo Kukoyi acknowledged that while Nigeria’s energy transition goals are ambitious, they remain achievable through concerted public and private sector efforts. She noted that the Federal Government launched the Nigeria Energy Transition Plan (NETP) on August 24, 2022, to further its commitment to achieving net-zero carbon emissions by 2060. The plan aims to lift 100 million Nigerians out of poverty, drive economic growth, introduce modern energy services to the entire population, manage the long-term job losses expected in the oil sector due to declining global fossil fuel demand, and promote a fair, inclusive, and equitable energy transition in Africa, with gas serving as a transitional fuel.

Ms Kukoyi also highlighted the financing challenges associated with a just energy transition, emphasizing the potential of the carbon market as a key funding source. She explained that Nigeria’s energy deficit and financing needs make the carbon market a viable option for private-sector participation in the energy transition. The carbon market offers significant benefits both nationally and globally, providing incentives that can accelerate Nigeria’s journey toward sustainable energy solutions.

The stakeholder engagement session reinforced the critical role of collaboration, policy guidance, and capacity building in Nigeria’s transition to a sustainable energy future. With concerted efforts from all stakeholders, the country can achieve its net-zero ambitions while fostering economic growth and energy security.