Emomotimi Agama, the director-general (DG) of Securities and Exchange Commission (SEC), has said embracing a green economy would bring numerous benefits, including economic diversification, job creation and improved public health to Nigeria.
Agama, highlighted benefits of the transition while speaking as the guest speaker at the Oriental News 2024 Summit in Lagos on Thursday.
He stressed the importance of developing green infrastructure in urban areas to enhance air quality and reduce greenhouse gas emissions.
The summit, themed “Green Economy, Sustainable Growth and Infrastructure Transformations,” saw Dr. Agama emphasised the importance of embracing a green economy as a solution to the diverse problems facing Nigeria.
He stressed that both the government and the private sector must adopt this approach.
Dr. Agama highlighted the need for Nigerians to take a keen interest in issues related to climate change, which affect all aspects of life.
He pointed out that each of Nigeria’s six geopolitical zones faces unique climate challenges, necessitating tailored policies and strategies to develop 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.”
He expressed concern over Nigeria’s historical neglect of an economy that could sustain its natural resources, leading to widespread poverty.
Dr. Agama emphasised the need to address foundational issues through a green economy, focusing on reducing carbon emissions and preserving biodiversity.
He noted 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.
Dr. Agama pointed out the paradox of Nigeria’s suffering amid abundant natural resources. He 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.
Highlighting Nigeria’s rich deposits of lithium, a key component in solar technology, Dr. Agama called for greater exploitation of these resources. He suggested establishing solar energy estates in the northern regions to boost power generation and create employment opportunities.
He cited the high energy costs faced by institutions like the University of Benin and Ahmadu Bello University, stressing the potential savings and job creation from renewable energy projects.
Dr. Agama envisioned a future where Nigeria leads in green technology, promoting public health and reducing reliance on polluting energy sources.
He noted the high annual death toll from generator fumes and the potential for renewable energy to save lives and improve living conditions.
He also addressed the need for environmental sustainability, pointing out significant challenges such as water pollution, soil degradation, and deforestation.
According to Dr. Agama, embracing a green economy would bring numerous benefits, including economic diversification, job creation, and improved public health. He stressed the importance of developing green infrastructure in urban areas to enhance air quality and reduce greenhouse gas emissions.
Dr. Agama also discussed the role of renewable energy in transforming Nigeria’s transportation sector, particularly through electric vehicles. He outlined the government’s commitment to achieving 30% of total electricity generation from renewable sources by 2060, as stated by the Energy Commission of Nigeria.
He urged Nigerians to overcome the initial costs of acquiring solar energy equipment, noting that the long-term benefits outweigh the expenses. He mentioned financial instruments and funding opportunities available through banks to support this transition.
Dr. Agama also highlighted the potential of bio-energy, converting human waste into energy sources, and the government’s incentives to accelerate renewable energy development.
He noted the importance of green financing to attract local and international investments in renewable energy projects.
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, and stressed the need for a collective effort to address environmental challenges and seize the opportunities presented by a green economy.
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