Tinubu: Nigeria in friendly competition with Russia on energy supply to Europe

President Bola Tinubu says as Nigeria strives to diversify its economy and embrace renewable energy, engaging in friendly competitions in international markets would be hurled into the mix. 

Tinubu said this in an opinion piece detailing his engagements at the climate change conference (COP28), which held in Dubai, the United Arab Emirates (UAE) recently.

The opinion was published by CNN on Tuesday.

“We are also looking to diversify our economy by engaging in friendly competition with Russia in the supply of energy to European markets,” the president wrote.

“We can do it with natural gas and through green energy. This is why we are investing massively in both.”

On November 21, the federal government disclosed that Nigeria had signed a memorandum of understanding (MoU) with Germany on gas supply and renewable energy projects.

One of the MoUs requires Nigeria to supply gas to Germany in exchange for $500 million worth of renewable energy projects in Nigeria.

‘PARTNERSHIPS FOR GREEN ECONOMY’

In his OP-ED, Tinubu said: “The truth is that we need partnerships for a new green economy in Africa. The European Union’s Global Gateway program and the US Build Back Better World initiative are potential resources we are keen to explore”.

“African countries simply cannot travel on this road alone. There must be a fair and cooperative approach. For too long, too many developed nations have hesitated to do what they should,” he said.

“But the time for watching and waiting is over. Developed nations must honor commitments in the form of significant contributions to the Loss and Damage Fund and the $100 billion annual climate financing pledge.”

The president said Africa’s energy transition pathway would be different from that of the rest of the world.

“Nigeria and much of Africa possess a unique advantage — we do not need to decommission coal-fired power plants,” he said.

“We have an unparalleled opportunity to leapfrog decades of conventional, high-emission industry by building our industrial future on a new green foundation.

“The world faces a stark choice: prioritize the economic status quo or genuinely reduce dangerous emissions. This is a crucial moment.

“Choosing equity and justice in the global economy offers a chance to right past wrongs, save the planet, and create a better future for all.”