By Erewunmi Peace

The Nigeria Extractive Industries Transparency Initiative (NEITI) has called for a cautious and well-planned approach to the global shift towards clean energy, warning that Nigeria’s economy could suffer severe consequences if the transition is rushed without adequate safeguards.

NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, noted that while the world is moving toward renewable and low-carbon energy sources, Nigeria remains heavily reliant on oil and gas revenues to fund its economy. He emphasized that a hasty transition could expose the country to revenue losses, energy insecurity, job cuts, and social instability.

“Nigeria must approach the energy transition with national interest at the center. The global movement is necessary, but we cannot afford to ignore the peculiarities of our economy and the livelihoods tied to fossil fuels,” Dr. Orji said.

He explained that oil and gas revenues currently contribute a large share of government earnings, foreign exchange, and infrastructure financing. As such, NEITI is urging policymakers to adopt a gradual transition strategy that balances environmental sustainability with economic stability.

According to the agency, key priorities should include:

Diversifying the economy to reduce dependence on fossil fuels.

Attracting investments into renewable energy and gas as a transition fuel.

Ensuring transparency and accountability in managing transition funds.

Protecting jobs and communities that depend on oil and gas activities.

NEITI also stressed the need for accurate data systems, fiscal reforms, and climate accountability frameworks to guide Nigeria’s transition roadmap.

As the world intensifies its shift to clean energy, Nigeria faces the challenge of aligning with global climate goals while safeguarding its economic lifeline. NEITI’s warning serves as a reminder that the transition must be carefully managed to avoid plunging the nation into fiscal and social crises.