TheCable

President Bola Tinubu says the world must find a balance between clean energy and fossil fuels in the drive for energy transition.

Speaking on Monday at a meeting with Geoffrey Praytt, US assistant secretary of state, bureau of energy resources, in the State House, Abuja, Tinubu said Africa is poor and needs revenue from fossil fuels for development.

He said Nigeria will honour its obligations to climate change but developed countries must recognise the challenge of poverty in Africa which must be addressed. 

“Nigeria is an oil-producing nation and a developing economy that needs revenue from fossil fuel for growth and development,” he said. 

“The new energy we are talking about represents just 5% of global energy requirements. We must find the right balance between new energy and fossil fuel because we have problem of poverty in Africa.

“We need the funding support to help us drive and accelerate our energy diversification. There are bottlenecks that must be unbottled in terms of how the US bureaucracy responds to our needs. 

“Help must be given when it is needed. We are ready to learn and develop to join 21st century economy. Please take it home that we need help and very quickly too. 

“I am honoured with your recognition of the baby steps we have taken so far. I want to assure you that Nigeria will honour her obligations on climate change and renewables.”

Praytt, on his path, applauded the economic initiatives taken by the president with respect to fuel subsidy removal and unification of multiple exchange rates.

He said US President Joe Biden is in support of the steps taken so far by Nigeria to reduce the impact of fossil fuels.

“We are opening a new page in US relations with Nigeria. Nigeria is taking important steps in growing the renewable energy to meet the need of her citizens,” Praytt said. 

“We are very happy with our work with NNPCL and your team. Your new special adviser on energy is already doing very well.”