LAGOS, Nigeria (VOICE OF NAIJA)-The Nigerian Economic Summit Group (NESG) and the African Climate Foundation (ACF) have met to bring together public and private stakeholders in support of Nigeria’s Energy Transition Plan.
Chief Executive Officer, NESG, Dr Tayo Aduloju was represented by the facilitator of the Sustainability Policy Commission of the NESG, Dr Eugene Itua.
She noted that the goal of the engagement was to move Nigeria towards cleaner energy sources, while promoting economic growth.
Facilitator of the Energy Policy Commission of the NESG, Dr Segun Adaju while presenting on the challenges of Nigerian Energy Transition Plan, noted that the plan aimed to lift 100 million Nigerians out of poverty.
He said that it would manage job losses in the oil sector, provide modern energy access to the entire population and establish Nigeria as a leader in Africa’s fair energy transition.
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Furthermore, he stated that some of the findings of the project revealed inadequate and high cost of financing, lack of political will and coordination among stakeholders, low Levels of Public Awareness and Enlightenment and absence of skilled Capacity.
He also noted that misalignment of public and private sector Interests, absence of holistic policy frameworks and unfavourable enabling environment and policies were some of the challenges of the Nigerian Energy Transition Project.
He restated that the incentives required from the government to the Private Sector included Favourable Monetary and Fiscal Policies, improved coordination among Stakeholders and Enabling Business Environment.
A Public-Private Stakeholder Specialist/Thematic Lead Climate Change and Green Economy of the NESG’s Sustainability Policy Commission, Mrs Dolapo Kukoyi
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said that the project would ultimately bring about information sharing and policy reforms that would support interventions to drive energy transition and inclusive development.
This, she said, would unlock opportunities in the energy sector and carbon market, stimulate climate change resilience, and unlock private sector and employment opportunities, research, development, and economic growth.
She emphasized the importance of strengthening public-private engagement, whilst supporting interventions that would drive socio-economic improvement.
Director-General, National Council on Climate Change, Dr Salisu Dahiru,
while presenting on the Status of Carbon Market Framework in Nigeria, highlighted the critical role of the private sector in driving the plan.
According to him, finance is the first pillar in mobilising necessary channels.
He emphasised the need for a clear leader to direct and coordinate efforts, saying that currently, there was a lack of coordination between the private and public sectors, with each trying to protect their interests.