The Nigeria Extractive Industries Transparency Initiative (NEITI) has thrown its weight behind President Bola Ahmed Tinubu’s commitment to strengthen the country’s Climate Change, Energy Transition and Green Economic Solutions.

The Executive Secretary of NEITI, Dr Orji Ogbonnaya Orji, explained that the recent constitution of a Presidential Committee on Climate Action and Green Economic Solutions and the appointment of focal persons with specific responsibilities of coordinating and overseeing all policies and programmes on climate action and green economic development were fundamental steps that signaled the country’s interests in the international debate on climate change, energy transition and Green economic solutions.

In a statement signed by NEITI’s Deputy Director/Head Communications & Advocacy, Mrs Obiageli Onuorah on Thursday in Abuja said the NEITI boss explained that with the United Nations’ projection of the country’s population hitting 400 million in the next 20 years which would place so much pressure on energy financing for developing countries, including Nigeria, it was important to prepare adequately for the expected increase in energy demand inorder to minimize the associated risks while maximizing the potential opportunities that come with climate change and energy transition themselves.

He said: “NEITI identified that deliberate investments in the solid minerals sector, gas infrastructure and commercialization, technology, research innovation, human capital development, transportation, food security, and use of low-carbon hydrogen as priority areas of focus in the country’s budgeting to respond to Energy Transition and climate change.

“These opportunities come at a cost that requires commitment to compute them in terms of human and material resources.”

Dr Orji further reiterated the importance of Gas Commercialization as an important pathway for Nigeria to mitigate the risks and economic impacts of Climate Change and Energy Transition.

“NEITI’s recent report of the oil and gas industry disclosed a total unremitted revenue of gas royalty payments of $559.8 million and another unremitted sum of $828.8 million from unpaid gas flare penalties.

A close look at these figures indicated that more gas was flared during the period than utilized, thereby posing serious dangers to the global zero emissions agenda.”

While calling for review of the country’s gas commercialization policy to align with PresidentTinubu’s positive renewed commitments to climate change and green economic solutions, Dr Orji announced that NEITI, with the support of international development partners like Ford Foundation has commenced a research study on the impacts of energy transition on Nigeria’s economy.

The study, he explained, was to identify specific impacts on revenues, jobs, livelihood, the environment, food security, gender, and control of emissions.

The Minister of State for Environment, Dr. Ishaq Salako, explained that the federal government, through the Ministry of Environment, has initiated the National Climate Change Policy and Climate Change Act to provide comprehensive policy framework and roadmap for the country’s national climate action. Dr. Salako emphasized the importance of transparency in climate budgeting.

The Minister announced that a National Green Bond Program has been launched to pioneer the issuance of sovereign green bond in Africa to finance projects that reduce greenhouse gas emissions and promote sustainable development.

“So far Nigeria has issued two sovereign green bonds, raising a total sum of N25.69 billion to finance 39 projects cutting across afforestation, renewable energy, transportation, agriculture and water resources.

“The process for the issuance of the third sovereign green bond is ongoing and has reached advance stage,” Dr Salako added.

Meanwhile, the Executive Secretary of NEITI, has sought collaboration with the Geological Society of Nigeria (GSN), in the areas of data reports and analysis, exchange of geosciences information, capacity building, as well as risk mitigation on mining environments.

During a meeting with the GSN who paid a courtesy call to the NEITI house led by it’s President, Mr Malami Uba, the NEITI boss suited that the agency would remain open and accessible to the Geological Society of Nigeria as an important professional association in the NEITI process.