Ex-Minister calls for regulatory certainty, clean energy financing to unlocking Nigeria’s energy investments – EnviroNews

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Former Minister of Information and Culture, Alhaji Lai Mohammed, has said that regulatory certainty, transparent policy frameworks, and competitive fiscal incentives are critical to attracting the scale of investment needed to transform Nigeria’s energy sector.

Speaking in a strategic industry context, Mohammed, who is Chairman of Portland Gas Limited, stated that these factors would play a decisive role in unlocking billions of dollars in capital required to drive growth, deepen gas utilisation, and reposition the country within the global energy market.

He spoke while delivering his keynote address at the Oriental News Nigeria 2026 Conference in Lagos on Thursday, July 23, 2026. He spoke on the theme, “Carbon Capture: Accelerating Decarbonisation Initiatives in Nigeria’s Extractive Industry Through Broad Regulatory Reforms.”

Building on his position, Mohammed stressed that decarbonisation has moved beyond long-term ambition to an immediate priority, noting that carbon capture, cleaner fuels and enabling regulatory reforms remain central to achieving sustainable energy transition goals.

He maintained that infrastructure development alone would be insufficient to meet national climate targets and global Net Zero commitments, highlighting that transformation finance, sound investment strategies, operational sustainability and effective climate governance are critical drivers of success.

Mohammed further identified financing as a major constraint to scaling clean energy infrastructure across Africa. 

He said, “We therefore need innovative financing models, blended finance, green bonds, carbon markets and long-term investment frameworks that reduce project risks and encourage greater private sector participation.”

Group Managing Director, Sahara Group, Kola Adeshina, said the theme for the conference was timely.  

He advised that carbon capture should not be treated as a silver bullet but should also not be dismissed as a distant idea.  

Kola said: “For us to abate industrial and energy activities it becomes one of the practical tools that allow Nigeria to keep building while lowering the carbon cost of growth. The geology available for carbon capture appears promising but geology alone will not create the carbon capture industry. What makes the difference is confidence. Confidence in the rules confidence in the data confidence in the economics and confidence that operators and there are some represented in this room can manage complex operations safely transparently and responsibly. 

“In simple terms we must move from just policies to projects we must move from communications to capital and from ambition to measurable actions. Just by looking at that for all the strategic objectives should be, Nigeria’s decarbonization pathway was reflecting companies’ development reality, reducing emissions while expanding energy access, supporting industrial production, protecting jobs, and attracting investments.”

He added: “Carbon capture will not scale through technology alone. It requires regulatory systems that clearly define carbon ownership, storage rights, permitting processes, monitoring, liability, incentives, and economists’ points of ability of every participant.

“When we talk about carbon capture we must remember that there is a place where business needs charity. There are some parts of it that can be done in the business of looking at the future because there’s some part of it that will be done as a business. Therefore there is the requirement for investment and the requirement for public ability, which needs government support and understanding of the legislation to make that happen.”

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Publisher, Oriental News Nigeria Online, Mrs. Yemisi Izuora, underscored the role the extractive industry plays in sustaining Nigeria’s economy. She also noted that, at the same time, extraction of the resources also comes with environmental consequences.

She said: “A well protected environment no doubt gives us good health and provide greater opportunities to explore these natural resources.”

Associate Professor of Management Communication, Lagos Business School, Prof. Silk Ogbu, warned that Nigeria stands at a critical turning point in its decarbonisation journey, stressing that the country must take a proactive role in shaping emerging reforms or risk being shaped by them.

He noted that the urgency around climate action has moved beyond polite advocacy to concrete legislative and regulatory action, with the National Assembly already working on relevant laws, while industry regulators are developing policy frameworks and regulatory blueprints.

“The timing is critical. This is no longer a polite request. Nigeria has made a commitment to achieve net-zero emissions by 2060. The reforms are coming, but the real question is whether we will shape them or be shaped by them,” he said.

On financing, the professor highlighted the structural challenge of funding climate action, noting that environmental damage has historically gone unpriced.

“Saving the climate is expensive. The atmosphere never sent us an invoice for the carbon we emit or the damage we cause. Now we must confront the financial realities and design mechanisms to address them,” he stated.

He further emphasised that ambition alone is insufficient without corresponding investment.

“Green ambition without green money is only a lovely idea. Those delivering results are deliberate and strategic about their investments,” he added.

Ogbu also underscored the need for a more structured and results-driven sustainability approach, warning that climate risks are already manifesting in tangible ways.

“The conversation on climate change is not ending. The impacts are already here — the heat is already managing us. It is now time for us to manage the environment through deliberate actions and measurable outcomes,” he said.

Managing Director of Rural Electrification Agency (REA), Mallam Abba Aliyu, said that Nigeria’s decarbonisation drive must move beyond emissions targets to a broader economic strategy linking energy, finance, industry and investment to unlock competitiveness, energy security and inclusive growth. 

 Aliyu, represented by Executive Director, Corporate Services, REA, Gboyega Ayoade, speaking on the topic: Driving Nigeria’s Decarbonisation through Strategic Promotion of Clean Energy – The REA Experience, said: “For Nigeria, decarbonisation cannot be reduced to a narrow conversation about emissions alone.

“It must be a conversation about competitiveness, industrial renewal, energy security, climate resilience, financing, technology, and inclusive growth. It must recognise the structure of our economy, the role of oil and gas, the urgency of expanding electricity access, and the need to position clean energy as a catalyst for national development.”

He stressed that achieving this vision requires a coordinated, system-wide approach, “Decarbonisation cannot be achieved through isolated rules. It requires an integrated regulatory architecture that connects energy, finance, environment, industry and investment. This is the kind of reform conversation Nigeria must now deepen.”

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Highlighting the central role of regulation, he said, “Regulation must therefore enable innovation while protecting consumers and ensuring market discipline. This is where broad regulatory reform becomes essential.”

“For the extractive industry, regulations around emissions management, carbon capture, gas flaring reduction, clean energy adoption, environmental reporting and sustainable finance must be clear and coordinated. For the power sector, regulations around mini-grids, embedded generation, net metering, wheeling, storage and distributed energy resources must continue to evolve.”

On stakeholder responsibilities, he said, “Government must provide clear policy direction. Regulators must create confidence. The private sector must invest. Financial institutions must innovate. Development partners must de-risk priority markets.

“The extractive industry must reduce emissions and support cleaner development models. The media must continue to create informed platforms for accountability and public understanding.”

He also commended the Oriental News Nigeria for convening this conversation, adding that the role of the media is not only to report events, but to shape informed dialogue on the choices that will determine Nigeria’s future.