*Experts seek private capital, affordable climate finance *FG targets lower emissions, domestic refining Michael Olugbode in Abuja Africa’s climate commitments risk remaining unfulfilled without increased private-sector investment, affordable financing and stronger government accountability, stakeholders warned on Tuesday as the Africa Climate Forum 2026 opened in Abuja, with the Federal Government insisting that sustainable petroleum development must remain part of Nigeria’s energy transition. The government said Nigeria was pursuing a pragmatic pathway that would allow it to harness its vast oil and gas resources for economic development while reducing emissions, curbing gas flaring and progressively diversifying towards cleaner energy sources. The position, presented by the Permanent Secretary, Federal Ministry of Petroleum Resources, through the Deputy Director, Midstream and Downstream Department, Emmanuel Okon, highlighted the challenge facing African countries seeking to reconcile climate commitments with energy security, industrialisation, poverty reduction and the need to expand access to affordable energy. The development comes as stakeholders at the fourth edition of the Africa Climate Forum called for stronger public-private partnerships to translate climate pledges into projects capable of protecting livelihoods, improving energy access and strengthening the continent’s resilience to climate change. The two-day forum, organised by the Global Centre for Law, Business and Economy at the Shehu Musa Yar’Adua Centre, Abuja, has as its theme, “Implementing in Lockstep: Public-Private Action for Green Outcomes.” In his remarks on Nigeria’s approach to sustainable petroleum development, Okon said the country was not seeking to abandon its petroleum resources but to develop them responsibly while progressively reducing their environmental impact. “Nigeria is not approaching the energy transition by abandoning its petroleum resources. Rather, we are pursuing a responsible and pragmatic pathway in which our natural resources are developed sustainably while we progressively reduce their environmental footprint and use their revenues and capabilities to accelerate the transition to a cleaner and more diversified energy system,” he said. He said Nigeria’s petroleum resources remained critical to national development but insisted that their value should increasingly be assessed by the environmental responsibility of their production and the economic benefits generated for Nigerians. According to him, Nigeria had approximately 37.01 billion barrels of proven and probable crude oil and condensate reserves and 215.19 trillion cubic feet of proven and probable natural gas reserves as of January 1, 2026. He said the Federal Government was strengthening the regulatory and investment environment under the Petroleum Industry Act while pursuing higher production, improved asset integrity, transparency and more sustainable operations. Nigeria’s crude oil and condensate production reached approximately 1.68 million barrels per day in August 2026, he added, describing the figure as evidence of improving operational performance. However, Okon said sustainable petroleum development must go beyond increasing production to include emissions reduction, improved gas utilisation, technological innovation and greater domestic value addition. He said the government was strengthening efforts to address methane emissions and greenhouse gases, with the upstream petroleum regulator directing operators towards measurement-based emissions reporting and credible measurement, reporting and verification systems. He also identified gas development as a major component of Nigeria’s energy strategy, noting that the resource could support electricity generation, industrial production, liquefied petroleum gas, compressed natural gas, liquefied natural gas and petrochemicals. According to him, better utilisation of natural gas could help Nigeria reduce waste, support industrialisation and progressively move towards a lower-carbon energy system. On gas flaring, Okon said the Nigerian Gas Flare Commercialisation Programme was designed to attract technically and commercially viable projects that would convert gas otherwise wasted through flaring into productive economic assets. He said the approach would generate economic value while improving environmental outcomes in oil-producing communities. The government also highlighted domestic refining as part of its strategy to retain more value from petroleum resources within Nigeria. Okon disclosed that approximately 53.7 million barrels of crude oil were supplied to local refiners in the second quarter of 2026, representing 97.4 per cent performance against the applicable supply framework. He said strengthening domestic crude supply would support the
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