In order to facilitate Nigeria’s and other African nations’ smooth energy transition, Sahara Group has urged the operators of the petroleum sector to investigate the best feasible partnerships and policies.
Speaking at the Nigeria Annual International Conference and Exhibition (NAICE), Ejiro Gray, Director, Governance and Sustainability, Sahara Group, stated that Nigeria and other African nations have unique challenges that call for a distinct strategy.
“The expected rate of change should take into account Africa’s unique situation, as a large number of countries on the continent run a mono-cultural economy or at the very least, and rely heavily on income from the development and production of fossil fuels as the main driver of economic activity.”
According to Gray, developing economies could face severe hardships if there is an abrupt and significant shift away from an energy sector that is dominated by fossil fuels.
Conversely, the lack of momentum in the energy transition movement is probably going to cost the continent dearly and leave us stranded because of drastic shifts in the demand for our primary export commodities and the direction of policy. Therefore, “how and where we strike the balance” is a crucial question.
“It would be preferable for developed nations to ease the transition by providing emerging economies with three resources: financial aid, policy assistance, and time to adjust,” he said.
