- Experts demand private investment, affordable climate finance as FG targets lower emissions, boosts domestic refining
Africa’s climate commitments risk falling short without increased private-sector investment, affordable climate finance and stronger accountability mechanisms, stakeholders warned on Tuesday as the Africa Climate Forum 2026 opened in Abuja, with the Federal Government defending the continued development of Nigeria’s oil and gas resources as part of a pragmatic energy transition.
The government maintained that Nigeria could harness its vast petroleum resources to drive economic growth, industrialisation and energy security while reducing greenhouse gas emissions, curbing gas flaring and progressively diversifying towards cleaner energy sources.
The position was presented by the Permanent Secretary of the Federal Ministry of Petroleum Resources through the Deputy Director, Midstream and Downstream Department, Emmanuel Okon, amid growing calls for African governments, businesses and development partners to translate climate pledges into bankable projects with measurable social, economic and environmental benefits.
The fourth edition of the two-day forum, organised by the Global Centre for Law, Business and Economy at the Shehu Musa Yar’Adua Centre, Abuja, is themed “Implementing in Lockstep: Public-Private Action for Green Outcomes.”
The discussions centred on the financing, partnerships and institutional reforms required to accelerate climate action across Africa, particularly in vulnerable communities facing energy poverty, environmental degradation and the growing impacts of climate change.
Nigeria defends responsible petroleum development
Addressing the forum, Okon said Nigeria was not pursuing the energy transition by abandoning its petroleum resources but by developing them responsibly while progressively reducing their environmental footprint.
“Nigeria is not approaching the energy transition by abandoning its petroleum resources. Rather, we are pursuing a responsible and pragmatic pathway in which our natural resources are developed sustainably while we progressively reduce their environmental footprint and use their revenues and capabilities to accelerate the transition to a cleaner and more diversified energy system,” he said.
He argued that petroleum remained important to Nigeria’s development, but its contribution should increasingly be measured by the environmental standards governing production and the economic benefits delivered to citizens.
According to him, Nigeria had approximately 37.01 billion barrels of proven and probable crude oil and condensate reserves and 215.19 trillion cubic feet of proven and probable natural gas reserves as of January 1, 2026.
He said the Federal Government was strengthening the regulatory and investment framework under the Petroleum Industry Act while pursuing increased production, improved asset integrity, transparency and more sustainable operations.
Nigeria’s crude oil and condensate production reached approximately 1.68 million barrels per day in August 2026, he added, describing the development as evidence of improved operational performance.
However, Okon stressed that increasing production must be accompanied by emissions reduction, improved gas utilisation, technological innovation and greater domestic value addition.
He said the upstream petroleum regulator was encouraging operators to adopt measurement-based emissions reporting and credible measurement, reporting and verification systems to improve the monitoring and management of methane and other greenhouse gas emissions.
Gas utilisation, flaring reduction top agenda
Okon identified natural gas as a critical component of Nigeria’s energy strategy, noting its potential to support electricity generation, industrial production, liquefied petroleum gas, compressed natural gas, liquefied natural gas and petrochemical manufacturing.
He said improved gas utilisation could reduce resource wastage, support industrialisation and contribute to a gradual transition towards a lower-carbon economy.
On gas flaring, he highlighted the Nigerian Gas Flare Commercialisation Programme, which seeks to attract technically and commercially viable investments to capture and utilise gas that would otherwise be wasted through flaring.
According to him, the programme could generate economic value from previously wasted resources while improving environmental conditions in oil-producing communities.
The government also identified domestic refining as a key strategy for retaining more economic value within Nigeria and reducing dependence on imported petroleum products.
Okon disclosed that approximately 53.7 million barrels of crude oil were supplied to local refiners in the second quarter of 2026, representing 97.4 per cent performance against the applicable supply framework.
He said strengthening crude supply to domestic refineries would support Nigeria’s transition from an economy heavily dependent on crude exports and imported refined products towards greater local refining, manufacturing and value addition.
The official further disclosed that Nigeria had launched its 2026 oil and gas licensing round, offering 40 blocks to prospective investors.
He maintained that attracting new capital into the petroleum industry must go hand in hand with environmental responsibility, technological innovation, operational efficiency and demonstrable benefits for Nigerians.
FG seeks stronger public-private partnerships
Okon said sustainable petroleum development would require coordinated action involving government institutions, private businesses, investors, financial institutions, research organisations, host communities and development partners.
“Government must provide clear policy, predictable regulation and appropriate incentives. Industry must deploy capital, technology and best practices. Financial institutions must develop instruments capable of financing transition,” he said.
He also called for a just and orderly energy transition that recognises Africa’s development circumstances and allows countries to responsibly utilise their natural resources while expanding access to reliable and affordable energy.
“Africa must also be allowed the development space to utilise its resources responsibly. Our transition must be just, orderly and fit for our circumstances. A sustainable energy future for Africa cannot be one in which millions of people remain without reliable and affordable energy,” he said.
According to him, the petroleum industry can contribute to climate solutions through methane reduction, gas-flaring control, carbon management, improved energy efficiency and gradual diversification, even as the environmental consequences of fossil fuel dependence remain a major concern.
“Our destination is a more prosperous, secure and lower-carbon Nigeria,” he said, urging government, industry, financial institutions, technology providers and development partners to translate their commitments into investments and measurable results.
Modie demands accountability for climate pledges
In a goodwill message, the Founder and Executive Chair of Avocado Holdings, Dr Oge Funlola Modie, urged African governments, businesses and development partners to move beyond climate declarations and establish clear responsibilities and accountability mechanisms for implementation.
Modie, who was represented by Mrs Chioma Ikenna-Ibeh, Head of Business at Radah Media Company, commended the Director of the Global Centre for Law, Business and Economy, Prof. George Nwangwu, and his team for sustaining the forum over the past four years.
She said Africa’s challenge was no longer simply to formulate climate policies but to implement them in ways that improve people’s lives.
Describing climate action as fundamentally a development issue, she said it had direct implications for reliable energy, food security, resilient infrastructure, economic opportunities and community wellbeing.
“While these efforts have been important, the true measure of progress lies in our ability to translate them into tangible outcomes,” she said.
Modie maintained that effective climate action required governments to provide clear policy direction and an enabling environment, the private sector to mobilise investment and innovation, development partners to facilitate access to finance and expertise, and communities to participate meaningfully in decisions affecting their livelihoods.
She cautioned that collaboration must go beyond convening stakeholders, insisting that shared priorities, clearly defined responsibilities and accountability for results were essential to successful implementation.
The business executive also highlighted strategic communication as an often-overlooked component of climate action, warning that policies and interventions could fail without public understanding, institutional trust and community participation.
Drawing on the experience of The Radah Media Company, a media partner of the forum, she argued that communication and stakeholder engagement should be integrated into project planning and implementation from the outset.
“Communication is not merely how we report progress. It is one of the ways we make progress possible,” she said.
According to her, effective communication connects policies with intended beneficiaries, strengthens confidence in institutions and enables communities to contribute to practical solutions.
She urged participants to focus on how proposed interventions would be delivered, who would be responsible for implementation and how success would be measured.
“Africa does not lack ambition, ideas or capable people. What we must strengthen is our ability to align our efforts, sustain partnerships and deliver results,” she said.
Modie expressed hope that the forum would be remembered not only for the quality of its deliberations but also for the partnerships strengthened and concrete actions that followed.
“Ultimately, the credibility of our climate commitments will not be determined by what we promise together, but by what we deliver together,” she added.
Climate financing gap threatens implementation
Earlier, the Convener of the forum, Prof. George Nwangwu, said Africa’s participation in international climate negotiations and the adoption of national climate commitments had yet to translate sufficiently into tangible improvements for vulnerable communities.
He identified inadequate financing, high borrowing costs, currency risks, regulatory uncertainty, poor project preparation and limited access to long-term capital as major obstacles preventing viable climate projects from attracting the investments they require.
Nwangwu argued that public expenditure and development assistance alone could not provide the scale of resources needed to address Africa’s climate challenges.
He therefore called for a coordinated financing framework in which governments establish credible policies and effective institutions, businesses provide capital and innovation, and development finance institutions help reduce investment risks.
He said priority investments should target resilient infrastructure, affordable and reliable electricity, clean cooking, climate-smart agriculture, sustainable cities and green industries capable of creating jobs and expanding opportunities for African enterprises.
“To implement is to move from aspiration to execution, from promises to projects, and from declarations to delivery,” Nwangwu said.
He added that the true measure of climate ambition should not be the number of commitments announced but the tangible outcomes delivered to communities.
The organisers structured the forum around four platforms intended to strengthen implementation through policy dialogue, investment and collaboration among relevant stakeholders.
The deliberations underscored the central challenge confronting Africa’s climate agenda: securing the financing, institutional coordination and private-sector participation needed to turn ambitious commitments into practical interventions.
For Nigeria, the debate also highlights the need to reconcile continued oil and gas development with emissions reduction, environmental protection, energy security and economic diversification.
Stakeholders maintained that the continent’s ability to achieve a resilient and lower-carbon future would depend not only on the policies governments announce but also on the quality of investments mobilised, the accountability mechanisms established and the measurable improvements delivered to citizens.
