Event: Stakeholder Engagement Towards A Successful Nigeria Energy Transition

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Posted Wed, Feb 14, 2024 10:30 AM

Timeframe: Thu, Feb 22, 2024 10:00 AM - Thu, Feb 22, 2024 12:00 PM

The role of Energy in reversing negative socio-economic outcomes, facilitating industrialization and job creation and ultimately engendering economic growth and development cannot be overstated. For Nigeria, a country contending with myriads of economic and socio challenges, the inefficiencies and inadequacies of the energy sector have impeded Nigeria from meeting its expectations. Therefore, the attainment of an adequate energy supply might very well be catalytic for its economic and social development. Also, Nigeria's enormous resource wealth and large population size dominated by youth pose immense potential for Nigeria to dominate Africa's industrial sector.

In Nigeria, desertification in the north, floods in the centre, pollution and erosion on the coast and the associated socio-economic consequences allude to the reality and grave impacts of climate change. Consequently, the Nigerian government has undertaken bold action to limit the impacts of climate change. The next few decades will present a unique opportunity to merge economic development and climate action for Nigeria

Nigeria's Energy Transition Plan (ETP) was unveiled in August 2022 after highlighting the scale of effort required to achieve the 2060 net zero target whilst also meeting the nation's energy needs. The main actors and stakeholders involved are the private and public energy stakeholders. To strengthen public-private engagement around implementing the Nigerian energy transition plan and support the development of the carbon market whilst supporting interventions that will drive socio-economic improvement, The Nigerian Economic Summit Group (NESG) and African Climate Foundation (ACF) have embarked on the project: Stakeholder Engagement Towards a Successful Nigerian Energy Transition.

The project will ultimately bring about information and policy that support interventions that drive the energy transition and inclusive development by unlocking opportunities in the energy sector and carbon market, simulating climate change resilience and economic development, unlocking private sector and employment opportunities, research and development.

Consequently, this event will allow stakeholders to discuss and share opinions on the various elements of Nigerian Energy Transition and Carbon Finance/ Carbon Trading Landscape and its relation to Nigeria. Ultimately, the aim is strengthening Public and Private sector engagement around the Nigeria Energy Transition Plan and their understanding of the carbon market situation.

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