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HomeBUSINESSNigerian Government, Banks Should Align Economic Growth with Environmental Sustainability: Itua

Nigerian Government, Banks Should Align Economic Growth with Environmental Sustainability: Itua

Eugene Itua, the regional coordinator of the West Africa Capitals Coalition Hub, has called on the Nigerian government and financial institutions to harmonise economic growth with environmental sustainability to ensure a seamless transition to green energy.

Itua’s call followed the commencement of oil production by Dangote Refinery and the government’s plan to resume local refining of crude oil.

In an interview with LEADERSHIP Newspaper, Itua said a comprehensive environmental assessment of existing refineries, including Dangote’s, was imperative to identify and mitigate potential environmental impacts and risks.

Speaking on the role of government, Itua, the chair of the International Institute of Risk and Safety Management, said the government wields significant influence in shaping the country’s energy path, and its policies, investments, and regulatory decisions impact energy production, distribution, and consumption.

“By prioritising sustainable practices, promoting renewable energy adoption, and fostering innovation, the government can steer Nigeria toward a cleaner, more resilient energy future,” Itua pointed out. “Policymakers can foster sustainable development by creating an enabling environment for both the oil and gas industry and the renewable energy sector.”

According to Itua, the key policy areas include offering tax breaks and subsidies to encourage investment in renewable energy projects while ensuring fair competition, supporting research and development initiatives to advance renewable energy technologies and energy efficiency, building a resilient grid for integrating renewable energy, like modernising its electricity infrastructure and conducting extensive public awareness campaigns to educate citizens about the importance of energy efficiency and the benefits of renewable energy.

The West Africa Capitals Coalition Hub coordinator also urged international donors to fund large-scale renewable energy projects, provide loans for energy infrastructure development, support research, capacity building, and policy formulation, facilitate the transfer of clean energy technologies, and offer financial instruments to reduce investment risks.

Itua acknowledged that Nigeria is at a crossroads, stressing that the path chosen will impact the country’s economic prosperity and environmental sustainability. He, however, noted that by embracing a balanced approach prioritising economic growth and environmental protection, Nigeria can position itself as a global leader in sustainable development.

While the Dangote Refinery presents challenges, Itua stated that if managed responsibly, it holds the potential to catalyse innovation and progress, offering a hopeful vision for Nigeria’s energy future.

Itua added that successfully navigating this complex landscape would require strong political will, effective governance, and a commitment to a sustainable future for future generations.

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