Economy
THE African Development Bank (AfDB) President, Dr Adewumi Adesina, has emphasised the need to guarantee food and energy security in Nigeria.
Adesina, in a statement, said this during the international panel session on the theme: “Security versus Energy Transition – Global Perspectives for Sustainable Energy Future.”
The News Agency of Nigeria (NAN) reports that Mr Lamin Barrow, the Director-General of AfDB Nigeria Country Department, represented the president at the event.
“With a population expected to nearly double from 217 million in 2022 to over 400 million in 2050, Nigeria will emerge as the world’s third most populous nation.
“There is a need to guarantee food and energy security by building a domestic economy resilient to global and regional shocks, which have increased in frequency and intensity.
“We recognise the bold reforms ongoing in the oil and gas sectors and the Nigeria Energy Transition Plan.
“If fully implemented, these will provide viable solutions for meeting the country’s energy needs and ensure achievement of Net Zero by 2060,” he said.
Adesina expressed AfDB’s commitment to work with Nigeria’s government, development partners and the private sector to implement the plan.
He, however, commended the government’s commitment to developing LPG value chains to support clean cooking and replace polluting diesel generators in the country.
He also commended efforts to end gas flaring, providing 7.3 million households with improved cookstoves by 2030 and helping transition 25 per cent of all trucks and vehicles to Compressed Natural Gas (CNG) by 2030.
The AfDB boss reiterated some of the bank’s support toward ensuring energy security and transition in Nigeria.
He urged the country to improve the industrial sector’s contribution to the Gross Domedtic Product and to ensure it emerged as a key driver of inclusive growth, job creation, energy and food security.
“Nigeria and the African continent should take advantage of opportunities offered by the African Continental Free Trade Area.
“Let me conclude by emphasising the need to pursue energy security and climate action as integrated and mutually reinforcing imperatives in Africa,” Adesina added. (NAN)(www.nannews.ng)
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Tags: AfDB Dr Adewumi Adesina
