Embracing Green Economy Vital for Nigeria’s Sustainable Development, Says SEC DG
By Patience Ikpeme
Transitioning to a green economy has been identified as a key strategy for diversifying Nigeria’s economic base, creating jobs, reducing dependence on fossil fuels, and enhancing resilience against global oil price volatility.
This assertion was made by Dr. Emomotimi Agama, the Director-General of the Securities and Exchange Commission (SEC), during his speech at the Oriental News 2024 Summit held in Lagos over the weekend.
Dr. Agama emphasized the importance of embracing a green economy as a solution to Nigeria’s multifaceted problems, urging both the government and the private sector to adopt this approach. He highlighted that the green economy offers significant opportunities for job creation, particularly in renewable energy, sustainable agriculture, and green technology. Citing estimates from the International Renewable Energy Agency (IRENA), he mentioned that renewable energy alone could generate up to 52,000 direct and indirect jobs in Nigeria by 2030.
“The shift to a green economy can stimulate innovation, fostering new industries and business models that contribute to economic growth,” Dr. Agama stated. He further pointed out that green economy policies can improve public health by reducing pollution and promoting cleaner technologies. According to the World Health Organization (WHO), air pollution is responsible for approximately 29,000 premature deaths annually in Nigeria. Sustainable practices, he argued, can enhance the quality of life for communities by ensuring equitable access to resources and opportunities.
Dr. Agama called on Nigerians to take a keen interest in climate change issues, which affect all aspects of life. He noted that each of Nigeria’s six geopolitical zones faces unique climate challenges, necessitating tailored policies and strategies for developing a sustainable green economy. “The backbone of our efforts must be the development of robust policies and strategies,” he said. “The green economy resonates with nature, and Nigeria, with its diverse landscapes from deserts to marine environments, is uniquely positioned to lead in this area.”
Expressing concern over Nigeria’s historical neglect of an economy that could sustain its natural resources, Dr. Agama stated that foundational issues need to be addressed through a green economy, focusing on reducing carbon emissions and preserving biodiversity. He highlighted the significant impact of environmental degradation on public health and local industries, such as the fishing sector, which now relies heavily on frozen fish due to pollution. This situation, he said, underscores the paradox of Nigeria’s suffering amid abundant natural resources.
Dr. Agama urged the country to harness its opportunities, such as turning waste materials into valuable products. Transitioning from an oil and gas-dependent economy to a green economy, he argued, would enhance resilience against global oil price volatility and reduce environmental impact.
The SEC DG also disclosed that the Green Bond Initiative seeks to mobilize capital for projects that have positive environmental and climate benefits. By issuing green bonds, Nigeria aims to finance renewable energy, energy efficiency, and sustainable infrastructure projects. This initiative is expected to attract both local and international investors committed to sustainable development.
Dr. Agama called for public-private partnerships to achieve a green economy, stressing that the government cannot do it alone. He encouraged Nigerians to pursue education and careers in renewable energy and green technology. “Embracing green finance remains a critical approach to addressing these challenges. Consequently, it is crucial to involve key stakeholders in conversations that promote green finance. We are at a pivotal moment where we can shape the future of our investment practices to align with environmental, social, and governance (ESG) principles. Transitioning to a green economy is crucial for the sustainable development of Nigeria.”
To encourage investment in renewable energy, Dr. Agama noted that the government offers various incentives such as feed-in tariffs, tax credits, and grants. These incentives are designed to attract both domestic and international investors and accelerate the deployment of renewable energy technologies.
He assured that the SEC would continue to strongly support and champion efforts to deliver coordinated and coherent policy advice, capacity building, and regulatory support to leverage actions across a broad spectrum of sectors. This, he said, would build the momentum for a green economy, which could bring socially inclusive and environmentally sound economic transformation.
As Nigeria continues to navigate its path towards sustainable development, the emphasis on a green economy marks a significant step in addressing the country’s economic and environmental challenges, promising a future of innovation, growth, and resilience.
