Nigeria’s Perilous Path: A Commitment to Fossil Fuels Amid Global Climate Crisis

Nigeria’s GDP is at risk due to its fossil fuel dependency, as exemplified by the Dangote Refinery and government support for new oil projects. Despite commitments made at COP28 to transition to renewable energy, the country continues to explore hydrocarbon resources, revealing a gap between policy promises and practical actions, while climate change impacts increasingly threaten Nigeria’s future. As global trends shift away from fossil fuels, Nigeria faces significant challenges unless it adapts its energy strategies in tune with international standards.

Nigeria, as a petrostate, stands at a critical crossroads with its unwavering commitment to fossil fuel dependency despite severe climate implications. This dual-edged approach is exemplified by the enthusiasm surrounding the Dangote Refinery and the government’s effort to license additional private refineries while simultaneously endorsing hydrocarbon exploration. The nation’s reliance on oil and gas not only endangers its economic stability but poses a significant threat to its climate resilience as evidenced by the recurring impacts of climate change, including devastating floods and desertification. At the recent COP28 summit, Nigeria, a participant among 200 countries, pledged to transition away from fossil fuels, aiming to enhance renewable energy capacities significantly by 2030. However, this commitment appears to be a superficial façade, as the country continues to explore and exploit fossil fuel resources. President Bola Tinubu, while acknowledging climate challenges post-disaster in Maiduguri, has previously dismissed climate change as a trivial concern, showcasing a continued inconsistency in policy. With the Petroleum Industry Act (PIA) compelling the Nigerian National Petroleum Corporation to allocate a portion of its profits towards further oil exploration, the cycle of carbon emissions from fossil fuels remains unbroken. As other nations, notably China and Brazil, hasten their transitions to renewable energy, Nigeria clings to its oil refineries, which emit substantial greenhouse gases. In contrast, developed countries have begun to close oil refineries in favor of green energy hubs, signaling a paradigm shift that Nigeria has yet to embrace. As the world progressively veers towards renewable energies and away from fossil fuels, it remains uncertain whether Nigeria will adapt to an eventual energy transition or face dire economic repercussions due to its persistent fossil fuel reliance. The future of the Dangote Refinery, which could adapt to produce alternative fuels, now hangs in the balance as Nigeria’s energy decisions remain sluggish and contradictory, leaving it ill-prepared for the inevitable global energy shift.

Nigeria’s economy is heavily dependent on oil and gas exports, making it vulnerable to the global energy transition toward renewable sources. Despite acknowledging the challenges posed by climate change, the country has continued to explore fossil fuel resources, creating tension between economic growth and environmental sustainability. The Dangote Refinery symbolizes this conflict, as it represents the government’s commitment to fossil fuels amid pledges to transition toward renewable energy. Historical data indicates that while Nigeria recognizes climate issues, its policies have been contradictory, failing to align with global trends favoring green energy. COP28 has highlighted the urgency for nations like Nigeria to address these disparities to avoid future economic instability and environmental degradation.

In summary, Nigeria’s commitment to fossil fuels, exemplified by the enthusiasm surrounding the Dangote Refinery, undermines its professed dedication to sustainable energy transition. Despite pledging at COP28 to progress toward renewable energy, the country’s continued exploration and production of fossil fuels reveal a contradiction that threatens its socio-economic fabric and environmental sustainability. As global trends in energy consumption shift dramatically, Nigeria must reconsider its strategy or risk facing severe consequences in an increasingly green-focused world. The future trajectory of the Dangote Refinery—potentially transitioning to renewable energy production—remains contingent on Nigeria’s willingness to embrace fundamental change in its energy policies.

Original Source: businessday.ng