The Federal Government has reassured the public that its ongoing efforts to attract investments in the oil and gas sector will not lead to a significant increase in Africa’s contribution to global emissions. It emphasized that such investments will not drastically affect the continent’s carbon footprint.
The government reiterated its commitment to creating a favorable environment for hydrocarbon investments to combat energy poverty, stressing that Africa is not a major contributor to global emissions.
The assurance was given by the Special Adviser to President Bola Ahmed Tinubu on Energy, Olu Verheijen, during a session at CERAWeek by S&P Global on Tuesday, themed “Policy and People: Pathways to a Just Transition.”
A statement issued on Wednesday noted that the session, chaired by Vera Blei, Head of Market Report & Trading Solutions at S&P Global, included key speakers such as Scott Tinker, CEO of Tinker Energy Association, and Sunita Narain, Director-General of the Centre for Science and Environment.
During the panel discussion, Verheijen pointed out that Africa and other low-income countries contribute only about 3-4 percent of global greenhouse gas emissions, compared to China and the United States, which are responsible for roughly 30 percent and 13 percent of global CO₂ emissions, respectively. Together, these two countries account for nearly 40 percent of global emissions.
Verheijen emphasized Nigeria’s commitment to fostering a stable investment climate and addressing climate-related risks through transparent and clear policies. She also highlighted the importance of greater regional integration to attract capital and improve market efficiency.
“We need to strengthen economic integration across African nations to create a larger, more attractive market for investment. By pooling resources, integrating markets, and collaborating across the continent and regional blocs, we can drive sustainable development,” she added.
She also stressed the need for improved data collection and analysis in Africa to support informed decision-making and effective policy development. Verheijen concluded by advocating for a balanced approach to ensure that developing economies can use their natural resources to drive prosperity while also adopting climate solutions that enhance adaptability and sustainability.
