Financial Energy Review
……….by Ben Ndubuwa…,….
In a move to re-emphasis the need for the federal government to walk the talk and be realistic in the approach to policy implementation and desist from flying slogans that can be embarassing to the country, Prof Yinka Omorogbe, an international Professor of energy law and the President of the Nigerian Association of Energy Economists said that the slogan of the Nigerian energy mix of 30,000 megawatts and 30 percent renewable by the year 2030 is insufficient.
Prof. Omorogbe in a panel discussion in the just concluded 13th Emmanuel Egbogah Legacy Lecture Series held at the Emerald Energy Institute, University of Port Harcourt criticized the country’s approach to energy policy and governance, calling for urgent reforms and action. Prof. Omorogbe condemned current targets, such as the “30-30-30” plan—30 percent renewable energy and 30,000 megawatts by 2030—as inadequate and unrealistic.
“And so I have to say, first, we need to walk our talk. We’re full of empty slogans. And when the slogans are not empty, sometimes they’re embarrassing” she said.
Prof. Omorogbe, who was a legal adviser to NNPC, argued that even though the current capacity is only 4,000 megawatts, aiming for 30,000 megawatts is insufficient given Nigeria’s energy needs.
She highlighted the need for leaders who not only possess knowledge but should also demonstrate character and integrity. Emphasizing that sustainable economic growth cannot be achieved merely through short-term fixes like printing more Naira or creating low-paying jobs without productivity.
She called for a shift away from an over-reliance on crude oil, urging leaders to address the more complex but transparent natural gas sector.
She also identify corruption as a major barrier to progress, with subsidies being blamed for perpetuating inefficiencies and corrupt practices. The former Attorney General and Commission of Justice in Edo State stressed the importance of closing financial leakages, appointing competent individuals, and setting clear performance targets for leaders. Failure to meet these targets should result in their removal, as accountability is crucial for meaningful progress.
In her contribution at the EEL lecture Series she further highlighted the fundamental role of security in fostering development. She noted that the lack of security, evidenced by people inability to travel by road between cities these days, severely hampers economic activities, including farming, leading to food shortages and soaring prices. Security issues, compounded by the impacts of climate change, are causing displacement and further destabilizing the country.
According her the call to action extended to addressing climate change directly, not just through renewable energy but by recognizing its broader impacts on security and livelihoods.
She warned that failure to tackle these interconnected challenges would undermine efforts to grow Nigeria’s economy.
In conclusion she criticized the tendency to rely on empty slogans and platitudes, urging Nigerians to “walk our talk” and embrace a realistic, hard-working approach to national development. She stressed the need for competent, innovative leadership to guide Nigeria out of its current crises and towards a sustainable future.
