Nigerian President Bola Tinubu, speaking to leaders of oil major ExxonMobil, says his oil-producing nation remains committed to the industry and new short-term production, including nearly 40,000 barrels per day with the company.
Tinubu said Nigeria is “no longer settling for crumbs and leftovers on the investment agenda of the world’s most prolific energy conglomerates” and “has never been more ready for business than it is now.” His remarks came while hosting the ExxonMobil delegation in New York, where he has attended United Nations General Assembly meetings.
Exxon said their commitment is part of new investment in Nigeria’s oil and gas sector, which is the heart of its economy. It’s among companies in the oil and gas sector that continue to invest in fossil fuel assets while promoting renewables as well.
The president, a former oil and gas industry executive, said that under his leadership Nigeria is best prepared to solve problems and “crush all bottlenecks standing in the way of new and large-scale capital” flowing into Nigeria’s oil sector, although its own commitments to the renewable energy transition call for new pathways.
The Nigeria Energy Transition Plan, introduced last year, calls for carbon neutrality by 2060. The US$1.9 trillion plan envisions expanding energy access to its citizens while shifting to 90% renewable energy sources, including hydropower and solar. Currently, about 71% of Nigeria’s 140 million people are not connected to the energy grid, according to the International Energy Agency and World Economic Forum.
Despite Tinubu’s commitment to oil and gas executives, the plan also considers the loss of jobs in the oil and gas sector due to the drop-off in global demand, and the need for about $10 billion in carbon capture and storage costs linked to refining and gas expansion through the 2030s.
Nigeria continues to appeal for investment in its transition, noting earlier this month during Africa Climate Week that $10 billion is needed each year to achieve its climate goals.
Image: Nigerian National Petroleum Company