As a continent with the world’s lowest rate of carbon dioxide emission, Africa is well positioned for the global energy transition, Nigeria’s integrated energy conglomerate, Sahara Energy Group has said.
Head, Commercial & Planning, Asharami Energy, a Sahara Group Upstream Company, Tosin Etomi, who stated this said the continent’s status has earned it the right to approach its energy transition agenda in a measured, deliberate pace to attract Foreign Direct Investment (FDI) that would ensure the best possible use of its natural resources.
Etomi who spoke at the 2nd Nigeria 2.0 Summit, a collaborative initiative by Olaniwun Ajayi, a law firm and BusinessDay, said Africa’s transition to cleaner fuels should be driven by its resources, through the application of technology, fresh investments, and partnership among Africans.
“The greenest continent today is still Africa; the means of livelihood in Africa are largely connected to fossil fuels. We should have justification for how we should grow at our own pace. Nigeria should grow at its own pace with its resources,” Etomi said at the session with the theme: ‘Rethinking Key Sectors of the Nigerian Economy’.
Statistics from the Global Annual CO2 Emissions 2021 records from ourworldindata.org, show that Asia is by far the continent with the largest emission of carbon dioxide, accounting for 53 percent of global emissions.
However, as it is home to 60 percent of the world’s population, this means per capita emissions in Asia are slightly lower than the world average.
North America – dominated by the USA – is the continent with the second largest regional emission of carbon dioxide at 18 percent of global emissions, with Asia followed closely by Europe with 17 percent, while Africa and South America both contribute the least emission, accounting for 3-4 percent of global emissions each.
Despite the dearth of investments to harness and develop the huge natural gas resources in the continent, Etomi said Africa could still strive towards meeting the continent’s energy needs through collaboration and prioritising the African narrative for Africans by Africans.
He said Africa’s path towards energy transition should be determined by Africa at its pace.
“There is a huge need to develop gas quickly to light up opportunities in Nigeria and across Africa. We also need to ensure that an Africa-focused energy transition programme is adopted to ensure no one on the continent is left behind,” he added.
Etomi was among the panelists at the summit whose consensus was that effectively tackling insecurity would help facilitate an inflow of FDI needed in the oil and gas and other critical sectors of the economy in the continent.
“One key area to focus on to attract investment in the energy sector is adequate security in the oil and gas communities. The energy sector is a critical sector for the Nigerian economy, and it is important to create a secure environment for investors to thrive,” the panelists said.
Also, they urged the optimization of local content opportunities to help drive the nation’s quest for energy access and security as well as facilitate as seamless transition journey in the energy sector in Nigeria.
They noted that Nigeria required a stronger economy to tend to its teeming population and eradicate poverty, adding that the country’s energy demand would grow faster than what renewable energy technologies are likely to offer.
