Akinwumi Adesina: Food, energy security vital to Nigeria’s economic growth

Akinwumi Adesina, president of the African Development Bank (AfDB), says Nigeria needs food and energy security for sustainable economic development. 

According to NAN, Adesina spoke on a panel session at the ongoing 2023 Nigerian International Energy Summit (NIES).

The session was themed ‘Security versus Energy Transition – Global Perspectives for Sustainable Energy Future’.

Adesina was represented at the event by Lamin Barrow, director-general of the AfDB Nigeria country department.

“With a population expected to nearly double from 217 million in 2022 to over 400 million in 2050, Nigeria will emerge as the world’s third most populous nation,” the AfDB president said.

“There is a need to guarantee food and energy security by building a domestic economy resilient to global and regional shocks, which have increased in frequency and intensity.

“We recognise the bold reforms ongoing in the oil and gas sectors and the Nigeria Energy Transition Plan.

“If fully implemented, these will provide viable solutions for meeting the country’s energy needs and ensure achievement of net zero by 2060.”

Adesina expressed AfDB’s commitment to work with Nigeria’s government, development partners and the private sector to implement the energy transition plan.

He commended the government’s commitment to developing LPG value chains to support clean cooking and replace polluting diesel generators in the country.

He also applauded efforts to end gas flaring by providing 7.3 million households with improved cookstoves by 2030 and helping to transition 25 percent of all trucks and vehicles to compressed natural gas (CNG) by 2030.

The AfDB boss said the bank would continue to  support efforts aimed at attaining energy security and transition in Nigeria.

He urged the country to improve the industrial sector’s contribution to the gross domestic product (GDP) and to ensure it emerges as a key driver of inclusive growth, job creation, energy and food security.

“Nigeria and the African continent should take advantage of opportunities offered by the African Continental Free Trade Area,” Adesina said.

“Let me conclude by emphasising the need to pursue energy security and climate action as integrated and mutually reinforcing imperatives in Africa.”