Yemisi Izuora
Operators in Nigeria’s oil and gas sector are seeking for the mobilisation of between $2.5 billion and $3.1 billion in climate-linked capital to support Nigerian companies.
They said even though this has become expedient oil and gas will remain central to the country’s energy mix.
Speaking at a high-level climate roundtable in Lagos, Director, Gas & New Energy in Seplat, Okechukwu Mba, said the key challenge was not the existence of oil and gas, but how responsibly operators manage their environmental, social and economic obligations.
He stressed the need for improved efficiency, reduced emissions and credible offsetting strategies.
Mr Mba said some companies had already translated these commitments into measurable outcomes, disclosing that a comprehensive programme to end routine gas flaring in onshore operations had reached the commissioning stage, with all required projects completed.
He added that the deployment of technology, including real-time emissions monitoring and strong asset integrity programmes, was helping to improve operational efficiency and eliminate emissions, alongside nature-based solutions to offset carbon output.
Mr Mba also highlighted the urgent need for financing to drive Nigeria’s energy transition, particularly gas and gas-to-power projects, noting that reliance on petrol and diesel generators produces far higher emissions than gas-powered alternatives.
The roundtable also marked the launch of the NGX Net-Zero Programme (N-Zero), which aims to help listed companies define net-zero pathways, improve climate disclosures and align with global investor expectations. The initiative is projected to unlock between $2.5 billion and $3.1 billion in climate-linked capital.
Speaking at the launch, the Group Chairman of NGX Group, Dr Umaru Kwairanga, said Africa’s capital markets must play a leading role in advancing climate action and sustainable growth, while the Group Managing Director, Mr Temi Popoola, noted that climate risk has become a key factor in global capital allocation.