August 8, 2022
Sahara Group has called on the petroleum industry operators to explore best possible policies and partnerships to propel seamless energy transition for Nigeria and other African countries.
Speaking at the Nigeria Annual International Conference and Exhibition (NAICE), Director, Governance and Sustainability, Sahara Group, Ejiro Gray, said Nigeria as well as other countries in Africa has a peculiar situation that requires a different approach.
“As a continent where a significant number of countries operate a mono-cultural economy or at a minimum, and are highly dependent on revenue from fossil fuel development and production as the main driver of economic activity, the anticipated rate of change should take cognizance of Africa’s peculiar situation.”
Gray added that a sudden and sweeping deviation from a fossil fuel dominated energy sector may leave developing economies in dire straits.
“On the contrary, the absence of traction in the energy transition movement is likely to come at a significant cost to the continent and leave us stranded due to radical changes in policy direction and demand for our main export commodities. One key question then is ‘how and where we strike the balance.’
“A better way would be for developed countries to smooth the transition by offering three resources to emerging economies: time to adjust, financial aid, and policy assistance,” he stated.
