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Nigeria to compete Russia on energy supply

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By Usman Oladimeji

Leveraging natural gas and green energy will help achieve this initiative.

As Nigeria seeks to diversify its economy, President Bola Tinubu has expressed the country’s intention to embark on a friendly competition with Russia in the provision of energy to European markets. This endeavor could be accomplished by leveraging Natural Gas resources and embracing green energy solutions. Moreover, he stressed the importance of fostering alliances among African nations, including Nigeria, to embrace a fresh Green Economy. Tinubu argued that by jointly combating Climate Change through cooperation, these efforts will truly flourish. He remarked that numerous developed countries have long delayed what they should have done.

Thus, he urged developed nations to fulfill their dedications by making substantial donations to the Loss and Damage Fund and the yearly $100bn climate financing commitment. President Tinubu expressed his perspective in an exclusive CNN op-ed entitled ‘Africa’s potential as a global leader in Sustainability.’ His remarks aligned with the conclusion of the COP28 World Climate Action Summit held in Dubai, United Arab Emirates. The summit went overtime without an agreement reached due to the countries differences in opinion concerning a potential accord to gradually eliminate the use of fossil fuels.

Building an environmentally-friendly economy is Nigeria target.

Tinubu, in a reaffirmation of his viewpoint regarding the unfairness prevailing in the economic system, highlighted that developing nations, although contributing minimally to the issue, bear the brunt of its consequences. During Tinubu’s presence in Dubai, United Arab Emirates, for the event from November 30 to December 3, he strongly emphasized the significance of various factors related to climate change, such as Security threats, displacement of people, environmental deterioration, and other associated consequences on his thoughts. He said that Nigeria has encountered huge hurdles, comprising the adverse effects of the COVID-19 pandemic, economic reforms hurdles, and the ongoing process of consolidating foreign exchange rates.

Nevertheless, the country remains steadfast in its determination to rebuild an improved and more environmentally-friendly Economy in the face of these obstacles. In order to uphold its ethical responsibility to a greener planet, Nigeria took a momentous step at COP28 by becoming part of the African Carbon Market Initiative, with the introduction of the Nigerian Carbon Market Initiative. Tinubu pointed out the country’s substantial progress to include the substantial measures undertaken and demonstrated resolute action by implementing the Climate Change Act and dedicating to achieve net-zero Emissions within the timeframe of 2050 to 2070.

Dedication is on fostering blue and green hydrogen proficiency.

According to the president, Nigeria has rallied numerous young individuals from across the country to annually plant 250,000 trees as a part of its commitment to plant 25 million trees by 2030. This endeavor aims to establish a grand green wall to resolve the issue of advancing desert in the northern region. Additionally, he asserted that Nigeria is now dedicating its efforts to fervently harness its abundant wind and solar resources. He, however, said that shift away from fossil fuels, which serve as Nigeria’s primary economic pillar, would present considerable challenges.

During the G20 Summit in Berlin last month, Nigerian president voiced the country’s dedication to fostering blue and green hydrogen proficiency for global Trade. This dedication was also affirmed with Middle Eastern oil producers. Presently, our aim is to activate private investments with the aid of initiatives such as the Climate Finance Leadership Initiative and the recently launched global Infrastructure programs by the US and EU, expressed the president. While identifying potential resources, he pointed out two promising opportunities for Nigeria to shift into cleaner energy: the European Union’s Global Gateway program and the US Government’s Build Back Better World initiative.

With rental batteries Nigeria can abandon generators.

He claims that substantial government funds are being allocated towards the development of natural gas and advancement in green energy. The purpose behind this Investment is to initiate a friendly rivalry with Russia in the European energy market by utilizing these key factors. Nigerians can potentially abandon their generators if they have access to rental batteries. However, the era of observing and anticipating progress has come to an end. The President reiterated that developed countries must fulfill their commitments, adding that the time to act is now, and it is crucial for us to seize this opportunity.


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