President Bola Ahmed Tinubu said Monday that Nigeria remains committed to a balanced approach to energy transition and still requires substantial investments in the oil and gas sector to meet the energy demands and economic needs of its population.
Speaking at a meeting Monday in Abuja with the Group Chief Executive of Standard Chartered Bank, Mr Bill Winters, the President called for a just energy transition that supports vulnerable communities across the nation.
Highlighting the importance of balancing the mutually beneficial shift to green industrial growth and energy with the immediate energy needs of Nigerians, the President said: ”We value your cooperation, friendship, and partnership. Substantially, we have oil and gas as our primary source of revenue today. As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximizing the present.
”Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels.
”I have seen retractions and retreat positions by some players in the industry. But for any energy transition to succeed, people must live and live well.
”We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.”