Transition to fossil fuel will cause job losses — Osibanjo

Vice President Yemi Osinbajo yesterday dropped the hint that if Nigeria is going to transit from the fossil fuel there will be long term job losses.

According to him, no nation is yet to develop solely on renewable energy as the advocates of net zero are pushing Nigeria and other countries to abandon their oil and gas resources.
The Vice President describe the call for phasing out oil and gas and develop only on renewable energy as unreasonable.

He said Nigeria requires the gas to develop to effective use solar.

He spoke at a book (“Understanding Natural Gas: A Nigerian Perspective,” launch in Abuja.

The book was co-authored by Dr. David Ige and Mr. Dapo Akinosun.

Osinbajo said, “We have to explain to several of our compatriots of Paris Agreement that they have to be fair to the other countries of the world that no country has yet been known to develop its industry solely on renewable energy and that the call for us to do so solely on renewable energy is unreasonable.

“So they must take into account the fact that we as a gas rich country require gas, not only for industry but also to even been able to effectively use solar power, especially on our grid.”

Stressing that it would culminated in job losses in the oil and gas industry in the long run, the Vice President said, Nigeria has already adopted gas as its transition fuel.

He urged the NetZero advocates to transit in a manner it will mitigate job losses in the oil and gas industry.

His words, “One must also outline that the decarbonization strategy in the areas of power, oil and gas and transportation etc, it also seeks to mitigate against the possible long term job losses in oil and gas sector particular because this is an industry that has dominated our economy for decades.

” And if we are going transition out of fossil fuel we must take into account the fact that there will be long term job losses.”

He said despite the Paris Agreement for NetZero, Nigeria has commenced the use of gas as transition fuel, noting to balance the large interests.

“We have commenced the role of gas as a transition fuel to balance the large interest of solar power on our grid.

“It also cheaper and clean option especially as respect solar battery crunch,” he said.

He challenges the Nigerian National Petroleum Company Limited to work on the development of hydrogen as another energy source.

The Vice President said the push for phasing out fossil fuel has discouraged investment in the industry.

He also noted that Nigeria must balance between energy transition and energy poverty threat.

“It is important that we must emphasize that while climate change is an existential threat, our own energy poverty and our development is also a major threat. And so we must find a way of balancing both.”