Why Africa shouldn’t be carried away by campaign against fuels – Tinubu’s aide

The Special Adviser to President Bola Ahmed Tinubu on Economic Matters, Dr. Tope Fasua, has cautioned Africa not to be carried away with the campaign against fossil fuels.

Fasua made the call while speaking during a symposium organised by the Centre for Petroleum, Energy Economics and Law Students’ Association (CPEELSA), University of Ibadan with the theme: “Global Campaigns against Fossil Fuels and the Prospects of the Nigerian Economy”.

The presidential adviser said Africa and Nigeria should be wary of the agenda behind the campaign against fossil fuels and begin to see how they could take advantage of the renewed call and invest heavily in industries.

He faulted the call for the abandoning of fossil fuels for renewable energy, saying renewable energy has not been proven to power sophisticated industrial machines, aircraft, cargo ships, and others.

Fasua said: “Decades ago, the Western countries were able to develop with fossil fuels and we also need to wake up and see how we can map out strategies towards industrialization.

“We have to be cautious of the bandwagon effect of following whatever that is thrown at us hook, line and sinker. We need to begin to adopt a home-based approach and be strategic in our plans. We need to be innovative and look at how we can begin to nurture our younger minds to be creative and productive in the development of our economy.

“We need to invest in quality and productive education where our engineers can begin to construct roads and stop overreliance on foreigners to come and do our job.

“I am a pragmatic economist and I do not owe anybody an apology for my stance, what we need to do is to max out and also do “drill, baby drill” and increase our crude oil exploration for our benefit. “Africa needs to slow down and not hastily follow the bandwagon as we have not developed to a stage where we can completely transit to renewable energy.”

The Economic Adviser said Nigeria would continue to increase its production to meet up with the projection of the 2025 budget and therefore fulfilling the quota given by the Organisation of Petroleum Exporting Countries (OPEC).

He said Nigeria has a large deposit of gas, which is a cleaner energy, and which could be utilised as a form of transition and begin to invest in massive industrialisation.

“We must begin to map out strategies to design eco-friendly projects to attract climate financing such as green bonds and others. We cannot afford to be swayed by the campaign against fossil fuels and jettison our development”, he said.
“We need to invest in quality and productive education where our engineers can begin to construct roads and stop overreliance on foreigners to come and do our job.”

On climate financing, Fasua said President Donald Trump had pulled out from the agreement and therefore advocated for drill, baby drill to increase crude oil production in America.

On his part, a renowned Emeritus Professor of Petroleum Economics, Prof. Wumi Iledare, corroborated the stance of Fasua on the need for more investment in crude oil exploration but urged policymakers to ensure that the Petroleum Industry Act (PIA) is fully implemented.
He called on President Tinubu to give room for regulations backed by law and desist from excessive use of executive order in the oil and gas sector.

Also speaking, the President of Nigerian Economic Society (NES), Prof. Adeola Adenikinju, said Nigeria must be very strategic and map out strategies on how to transition to renewable energy.

The former Commissioner for Justice in Edo State and former President of Nigerian Association of Energy Economics (NAEE), Prof. Yinka Omorogbe [SAN] advocated complete transitioning into renewable energy.

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Omorogbe said: ”We need to look at a sustainable plan and redirect our economy to overreliance on fossil fuels. We need to strategise as we cannot continue to drill and overlook the environmental effects on our lives. Africa cannot be left behind in the climate change debate, and if we do not move with the dictates of the world, we would be left to drink our oil when the global demand for oil fizzles out.”
In his remarks, a Professor of Statistics and former CPEEL Director, the University of Ibadan, Olusanya Olubusoye, advocated evidence-based research in policymaking as this is the only panacea to development.

In his opening remark, the Director of CPEEL, University of Ibadan, Prof. Olugbenga Falode, said the outcome of the deliberation would proffer solutions to policymakers on the best possible way to achieve energy security and equity without compromising environmental justice.

Dr. Mahmud Hassan advised that in the process of transition to renewable energy, “We need to shine our eyes as Africans. Statistics have shown that the world is still heavily relying on the adoption of fossil fuels.”

The President of Centre for Petroleum, Energy Economics and Law Students’ Association, University of Ibadan, Ismael Taiwo, also called on policymakers to ensure a synergy between the town and the gown and begin to fund research institutes like CPEEL to find a lasting solution to the nation’s developmental challenges.