The head of the African Development Bank (AfDB), Akinwumi Adesina stated that Nigeria needs food and energy security for long-term economic development.
Adesina appeared on a panel at the ongoing Nigerian International Energy Summit (NIES) in 2023.
The seminar was titled ‘Security versus Energy Transition – Global Perspectives for a Sustainable Energy Future’.
Lamin Barrow, director-general of the AfDB Nigeria country department, represented Adesina at the occasion.
“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,” the AfDB president said.
“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.”
Adesina stated that the AfDB is committed to collaborating with the Nigerian government, development partners, and the business sector to implement the energy transition strategy.
He praised the government’s commitment to creating LPG value chains to enable clean cooking and replace the country’s polluting diesel generators.
He also praised efforts to reduce gas flaring by delivering improved cookstoves to 7.3 million families by 2030 and assisting in the transition of 25% of all trucks and vehicles to compressed natural gas (CNG) by 2030.
The AfDB president stated that the bank would continue to support efforts in Nigeria to achieve energy security and transformation.
He urged the country to increase the industrial sector’s contribution to GDP and to position it as a vital engine 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,” Adesina said.
“Let me conclude by emphasising the need to pursue energy security and climate action as integrated and mutually reinforcing imperatives in Africa.”
