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Energy Security: Nigeria solicits US support to address diversification, poverty in Africa

Fossil Fuels

*President Bola Ahmed Tinubu stresses the importance of achieving a fair balance between fossil fuels and green energy in the global energy transition as it affects the Nigerian and African economy

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has stressed the importance of achieving a fair balance between fossil fuel and green energy in the global energy transition as it affects Nigeria.

ConsumerConnect reports President Tinubu stated this during a meeting with Amb. Geoffrey Praytt, United States (US) Assistant Secretary of State, Monday, June 19, 2023, in Abuja, FCT.

President Tinubu in a group photograph with visiting Amb. Geoffrey Praytt and his team at the State House, Abuja

As regards the need to address current energy challenges which Nigeria and the rest of Africa are confronted with, Tinubu when presenting Nigeria’s perspective as an oil-producing economy, called on developed nations, including the United States, to consider the burning issue of festering poverty while transitioning to clean energy in the global arena.

The President also noted that energy transition represents only a small portion of global energy requirements, emphasising the need to find the right equilibrium between new energy sources and existing fossil fuels.

According to him, this is essential in view of the significance of revenue from fossil fuels for the West African country’s economic growth and development.

Tinubu as well assured that Nigeria would fulfill its obligations regarding climate change and the pursuit of clean energy.

Poverty, funding challenges in Nigeria cum African continent

Expressing concerns about the poverty challenges on the African continent, President Tinubu urged the American country to work collaboratively with Nigeria to protect its democratic government.

The US Government should respond promptly to Nigeria’s needs and not withhold necessary support, said Tinubu.

In highlighting the urgency of funding support for Nigeria’s energy diversification, Tinubu called for the removal of bureaucratic obstacles that hinder a swift response from the US government.

He emphasised the importance of timely assistance to facilitate Nigeria’s development and integration into the 21st Century global economy.

Responding to Tinubu’s presentation, Amb. Praytt lauded the Nigerian President’s bold economic initiatives, including the recent removal of fuel subsidies and the unification of multiple Foreign Exchange (Forex) rates.

The US envoy also conveyed President Joe Biden’s support for Nigeria’s efforts at mitigating the impact of fossil fuel, while expressed the desire to strengthen existing US-Nigeria relations.

At the meeting, Tinubu was also intimated with report that the US Department of Energy has been engaging with Nigeria’s energy industry on the transition to cleaner energy sources, report said.

The US envoy as well acknowledged the positive role played by the country’s new Special Adviser on Energy.

Praytt expressed satisfaction with the collaboration between Nigeria and the US in developing the petroleum industry in the West African country.

Nigeria remains committed to honouring its obligations to combat climate change and promote renewable energy, said President Tinubu.

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