Energy economists and industry leaders have urged the Federal Government to swiftly monetise Nigeria’s vast oil and gas reserves before global demand peaks and fossil fuels lose value amid the ongoing global energy transition.
Speaking in Abuja at the 18th Annual International Conference of the Nigerian Association for Energy Economics (NAEE) and the International Association for Energy Economics (IAEE), former President of the Nigerian Economic Society, Prof. Adeola Adenikinju, said Nigeria faces the risk of being left behind if it fails to act decisively.
“Nigeria ranks among the top oil and gas producers globally, yet more than 87 million Nigerians still lack access to electricity,” Adenikinju lamented.
“We remain Africa’s largest crude oil exporter but also the biggest importer of refined petroleum products as an unacceptable paradox.”
He warned that the world’s gradual shift to renewable energy could turn Nigeria’s hydrocarbon reserves into stranded assets if the country does not exploit them strategically.
“We must aggressively monetise our oil and gas resources while expanding investment in renewables such as solar, hydro, and wind,” he said.
According to Adenikinju, global energy dynamics are increasingly shaped by geopolitical tensions, wars, artificial intelligence, and economic uncertainty the factors that have heightened volatility and discouraged long-term investments, especially in developing economies.
He cited the Russia–Ukraine war and the “weaponisation of energy” as key disruptions that have redefined global supply chains and revived concerns over energy security. “Before 2022, the EU relied on Russia for about 40 percent of its gas imports; that dependency has been drastically reduced,” he noted.
Adenikinju also called on African countries to move beyond exporting raw materials for clean energy technologies. “Africa must not be content with supplying lithium and cobalt to others; we should develop our own value chains and attract green capital,” he said.
In his remarks, President of the International Association for Energy Economics, Prof. Edmund Lewis, commended Nigeria for its leading role in advancing energy scholarship and policy dialogue in Africa.
Representing the IAEE, Prof. Wunmi Iledare said Africa’s energy transition must follow a “pragmatic prosperity” model rather than replicating Europe’s pathway.
“Africa’s energy future should balance access, growth, and climate responsibility,” he stated.
Also speaking, Secretary-General of the African Petroleum Producers Association (APPO), Omar Faruk, noted that the International Energy Agency had recently acknowledged that fossil fuels cannot be easily phased out.
He said the admission validates Africa’s position that while renewable energy is the future, the continent’s immediate development depends on a balanced and realistic approach.
“If Africa fails to master its existing systems and technologies before embracing new ones, it will remain trapped in dependency,” Faruk warned.
The three-day conference, themed “Emerging Geopolitics of Energy: Navigating Global Shifts and Impact on Emerging Countries,” gathered policymakers, industry experts, and academics to examine how developing economies can navigate global shifts and build resilient, inclusive energy systems.
