Nigeria’s newly appointed Senate president, Senator Godswill Akpabio, has pledged to promote green technologies alongside the expansion of the country’s oil and gas sector.
He made this commitment in his acceptance speech on the Senate floor after assuming leadership of the upper chamber of the national assembly.
In his address, Senator Akpabio emphasized the notion of government continuity, stating that the Senate will build upon the commendable achievements of the previous 9th Senate, led by Senator Ahmed Lawan. He further expressed the Senate’s dedication to strengthening the legislative space and advancing its role in Nigeria’s development.
He said:
- “Among the efforts are the expansion of the revenue streams available to the country, especially from our huge but largely unregulated natural and solid mineral resources base. These additional sources of revenue will build the nation’s resilience to shocks and stresses resulting from the fluctuation of oil prices in the international market.
- “We will, as a forward-looking Senate, pass laws that emphasize economic viability, social acceptability, and environmental sustainability, to encourage alternate and green technologies without prejudicing our developmental needs”.
President Tinubu has publicly shown his support for Senator Akpabio, and it is expected that both the Executive and the Legislature will collaborate closely to accomplish their shared goals. Based on Akpabio’s statements, it appears that the Tinubu administration has established a clear agenda aiming to achieve the following objectives:
Further expansion of oil, and gas sectors
The recently commissioned Dangote Refinery and the projected increase in Nigeria’s crude oil production indicate the potential for growth in these industries. However, recent OPEC cuts (currently 1.38 million barrels per day) may temporarily limit oil production until a review is conducted.
Development of the solid minerals sector
Recognizing the neglected potential of the solid minerals sector, the administration aims to properly invest in it, with projections of it contributing over 60% to Nigeria’s GDP. Dr. Ogbonnaya Orji of the Nigerian Extractives Industries Transparency Initiative (NEITI) has emphasized the need for investment in this sector.
Encouraging green technologies
The Buhari administration laid the foundation for renewable energy technologies, and the Tinubu administration intends to build upon it. The focus includes increasing renewable electrification, shifting away from fossil fuel generators, promoting access to liquefied petroleum gas, and exploring alternatives like electric cookstoves, biogas stoves, and electric vehicles.
Efforts to reduce gas flaring and explore carbon capture utilization and storage are also planned.
