Experts in energy sector have differed on the resurface of “drill, baby, drill” slogan amid renewed call by global leaders to transit to clean energy as the campaign against fossil fuels continues to take a centre stage. This was made known at a symposium held on February 8th, 2025 organized by the Centre for Petroleum, Energy Economics and Law Students’ Association CPEELSA, University of Ibadan with the theme: “Global Campaigns Against Fossil Fuels And The Prospects of The Nigerian Economy”, monitored by Oduduwa News.
The lecture for the theme was delivered by the Special Adviser to President Bola Ahmed Tinubu on Economic Matters, Dr. Tope Fasua.
In his opening remark, the Director of CPEEL, University of Ibadan, Prof. A.O. Falode welcomed the participants and lauded the student association for coming up with a very important debate on topical issue like energy and climate change. He said, it is his belief that the outcome of the deliberation would proffer solutions to policymakers on the best possible way to achieve energy security and equity without compromising environmental justice.
Dr. Tope Fasua while delivering the lecture thanked the executive of CPEELSA led by Ismael Taiwo for coming up with a very important national discourse on economy and climate change. He said Africa and Nigeria should be wary of agenda behind the campaign against fossil fuels and begin to see how we can take the advantage of the renewed call for the phasing out of fossil fuels and invest heavily on industrialization. “Decades ago, the western countries were able to develop with fossil fuels and we also need to wake up and see how we can map out strategies towards industrialization”. He further stated that he does not underestimate the adverse effects of climate change despite the fact that there are divergent opinions and views in recent times. He however cautioned Africa not to be carried away with the campaign against fossil fuels.
He said President Donald Trump has pulled out from the climate agreement and therefore advocated for “drill, baby drill” to increase crude oil production in America.
He said Nigeria will continue to increase its production to meet up with the projection of 2025 budget and therefore fulfilling the quota given by the OPEC. He highlighted some gains and achievements of the present administration in oil and gas sector claiming that the establishment of Dangote Refinery would continue to be a game changer in energy world and that in no distant time Nigerians would continue to see more refineries springing up and is going to be a win for Nigeria.
He further expressed criticism on those calling for the abandoning of fossil fuels for renewable energy, hinging his stance on the fact that renewable energy has not been proven to power sophisticated industrial machines, aircraft, cargo ships and others.
According to Fasua, he said, he does not begrudge climate change advocacy because global warming is real but Africa needs to slower down and not hastily follow the bandwagon as we have not developed to a stage we can completely transit to renewable energy.
He averred that Nigeria has a large deposit of gas which is a cleaner energy and that we can utilize it as a form of transition and begin to invest in massive industrialization.
He was quoted as saying further, “I am a pragmatic economist and I do not owe anybody apology for my stance, what we need to do is to max out and also do “drill, baby drill” and increase our crude oil exploration for our benefit. Also, we have opportunity in climate financing; we can take advantage of that and get funding. We cannot bear the brunt of those who destroyed the climate for decades and come to us to jettison the backbone of our development. Even if we are transiting from fossil fuels, it must be at a pace not to take their advocacy hook, line, and sinker. We must begin to map out strategies to design eco-friendly projects to attract climate financing such as green bond and others.
We cannot afford to be swayed by the campaign against fossil fuels and jettison our development.
In his words, Prof. Adeola Adenikinju, the President of Nigerian Economic Society NES differed with the “drill, baby drill” approach and averred that we need to take a very strong position and be very strategic whether we are going to be drilling for certain period and then transit from fossil fuels to renewable energy. He was quoted as saying, “We cannot discountenance argument on climate change and the call for transition to renewable energy. We must be strategic and map out strategy on how we can transit to renewable energy. This is a pure science; the consequences of climate change are numerous as the effect of global warming is daring. We are all witnessing environmental degradation in Niger Delta, the wildfire that occurred in California and other forms of disaster in different parts of the world. In our own interest, we have to balance development with climate change and take into cognizance the effects of fossil fuels on the lives of the people. We have to understand health and environmental effects of burning of fossil fuels and not to discountenance discussion on renewable energy”.
The former Commissioner for Justice in Edo State and the former President of Nigerian Association of Energy Economics NAEE, who is also the CEO of Etin Power Limited, Prof. Yinka Omorogbe SAN also differed in her opinion and advocated for complete transitioning into renewable energy. She said we need to look at sustainable plan and redirect our economy from overreliance on fossil fuels. “We need to strategize as we cannot continue to drill and overlook environmental effects in our lives. Africa cannot be left behind in climate change debate and if we do not move with the dictate of the world we would be left to drink our oil when the global demand for oil fizzles out”.
In his words, the President of Nigerian Association of Energy Economics NAEE, Dr. Mahmud Hassan advised that in the process of transition to renewable energy, we need to shine our eyes as Africans. Statistics has shown that the world is still heavily relying on adoption of fossil fuels. He said he agreed that there are environmental issues we need to take into cognizance as it is a known fact that the world cannot completely phase out fossil fuels in the next 30-40 years. A renowned scholar, Professor of Statistics at the University of Ibadan, Prof. Olusanya Olubusoye while giving his goodwill message advocated evidence-based research in policymaking as this is the only panacea to economic development.
The Special Adviser to President Tinubu on Economic Matters, Dr. Tope Fasua while answering questions from the participants, said, “we have to be cautious of bandwagon effect by following whatever that is thrown at us hook, line and sinker. We need to begin to adopt home based approach and be strategic in our plans”. He said he believes in energy transition but we have to be strategic in our plans. “We need to be innovative and look at how we can begin to nurture our younger minds to be creative and productive in the development of our economy. We need to invest on quality and productive education where our engineers can begin to construct roads and stop overreliance on foreigners to come and do our job”.
A renowned Emeritus Professor of Petroleum Economics, Prof. Wumi Iledare while speaking corroborated the stance of Special Adviser on Economic Matters on the need for more investment in crude oil exploration but advised policymakers to ensure that the PIA is fully implemented while advising President Tinubu to give room for regulations backed by law and desist from excessive use of executive order in the oil and gas sector.
The symposium ended with a vote of thanks from the President of Centre for Petroleum, Energy Economics and Law Students’ Association CPEELSA, University of Ibadan, who also called on policymakers to ensure a synergy between the town and the gown and begin to fund research institute like CPEEL to find a lasting solution to our developmental challenges.