TRANSFORMING THE NIGERIAN ECONOMY TO BE LESS DEPENDENT ON FOSSIL FUEL: ADVOCACY FOR SUSTAINABLE ALTERNATIVE

Engr. Professor Moses Aderemi Olutoye

Thursday 14th October 2021

 The current economic system is undermining our prosperity as it is destroying the natural foundations of our commercial activity. This calls for a transformation to sustainable and renewable options in line with nature and the environment. The continuous dependence on oil during the processing and combustion of fuel in industries is not sustainable for the economy. It is imperative that a transformation is necessary for a benign environment to preserve the natural resources. This will improve the well-being of people. In order to transform the economy, to be less dependent on fossil, the energy sector is of particular interest because of its size and complexity. Advocacy for renewable energy policies for the energy sector can achieve important outcomes such as better
resource management, innovation, and productivity gains, reducing environmental damage and creating new markets and industries. Given the preponderance of fossil fuel in the current energy mix, reduction in gas emission plays a centrally important part in the economic transformation. Thus, it is believed that the renewable energy economy will break with the path dependency of existing technologies and will require innovative ideas with new technologies. Also, environmental protection and economic development is not a contradiction of terms but in fact, depend on each other. Environmental protection will reduce insecurity and create jobs. Failure to protect the environment will generate high costs to society through environment-induced health problems and material damages. There is a need for deliberate and determined environmental policy to reduce the cost implications through the use of sustainable and renewable fuel in the transport, energy, and industrial sectors for economic transformation that will set the pace for the journey to our Eldorado.