Presidency, stakeholders disagree on energy priority

Special Adviser to President Bola Tinubu on Economic Matters, Dr Tope Fasua and some energy experts have disagreed over Nigeria’s priorities, especially on the future of fossil fuels. 

Speaking at a symposium organised by the Centre for Petroleum, Energy Economics and Law Students’ Association (CPEELSA) at the University of Ibadan, Fasua argued that renewable energy is not yet viable for powering heavy industries, aircraft, and cargo ships. 
  
He stressed that Western nations industrialised using fossil fuels, and Africa must adopt a pragmatic, homegrown approach rather than succumbing to external pressures.
 
 He highlighted Nigeria’s vast gas reserves as a cleaner alternative to aid a gradual energy transition while pursuing massive industrialisation.  Former Edo State Commissioner for Justice and past President of the Nigerian Association of Energy Economics (NAEE), Prof. Yinka Omorogbe (SAN), countered Fasua’s stance. She rather called for a complete transition to renewable energy. 
  
Omorogbe warned that Africa risks economic irrelevance if it clings to fossil fuels while global demand declines.  Emeritus Professor of Petroleum Economics, Prof. Wumi Iledare, backed greater investment in crude oil exploration. 

However, he urged full implementation of the Petroleum Industry Act (PIA) and regulatory stability.President of the Nigerian Economic Society (NES), Prof. Adeola Adenikinju, stressed the need for a strategic approach to renewable energy transition.