Omowumi Iledare, Professor Emeritus in Petroleum Economics at LSU Centre for Energy Studies has called on the Nigerian Government to collaborate with the Public Private Sector (PPS) in its quest for green energy, aligning with the global trend of shifting away from the oil and gas sector.
He emphasised this need in his paper titled ‘Disrupting the Landscape in Nigeria,’ presented at the second edition of the Dr. Diran Fawibe Annual Lecture at the University of Ibadan.
Iledare highlighted that the input of the PPS is crucial for the Federal Government to achieve its goal of diversifying from oil and gas to green energy sources. He noted that the global energy transition, aiming for net zero carbon emissions by 2050, necessitates active involvement from the private sector and research institutions across Nigeria to keep pace with international trends. Nigeria has set its own net zero target for 2060.
“The disruption in the global energy landscape, characterized by the transition to green energy, goes beyond merely setting targets—it requires strategic thinking and planning,” a media report quoted Iledare saying.
He emphasized that the government must set a transition agenda in cooperation with regional allies and empower energy institutions with frameworks to attract investment by rewarding entrepreneurship and innovation while constraining inefficiency and waste.
Iledare also underscored the importance of public-private partnerships in developing energy sources based on comparative advantages and highlighted the necessity of inward-looking strategies for investment funds, including initiatives like the new Africa Energy Bank. “Energy is life; its consumption drives prosperity and sustainability. Nigeria must pursue a robust energy mix driven by economics, technology, public policy, and good governance,” he added.
In his address, Dr. Diran Fawibe stressed the need for collaboration between the government and research institutions nationwide. He pointed out that universities globally have historically been centers for research and development, crucial for socio-economic growth. Fawibe called for the organized private sector’s assistance, noting that the government alone cannot shoulder the responsibility, especially given the challenges facing university funding in Nigeria.
