Nigeria Competing With Russia In Energy Supply To Europe, Says Tinubu

President Bola Tinubu on Tuesday, said Nigeria is looking to diversify its economy by engaging in “friendly competition” with Russia in energy supply to European markets.

This, he said, could be done with natural gas and through green energy.

He also said Nigeria and other African countries need partnerships for a new green economy, arguing that efforts against climate change will only succeed through cooperation.

While maintaining that these nations cannot do it alone, Tinubu called for “a fair and cooperative approach,” stating that “too many developed nations have hesitated to do what they should” for too long.

Therefore, he called on developed countries to honour commitments through significant contributions to the Loss and Damage Fund and the $100bn annual climate financing pledge.

Tinubu shared his thoughts in an exclusive CNN op-ed on Tuesday titled ‘Africa can become the world’s green powerhouse.’

His comments coincided with the scheduled end of the nearly two-week COP28 World Climate Action Summit in Dubai, the United Arab Emirates.

However, the summit went into overtime on Tuesday with no deal on the final agreement as countries remain sourly divided over the fossil fuel question, CNN reports.

The overtime follows days of disagreement between countries at the conference over a possible deal to phase out fossil fuels.

Last Saturday, observers of closed-door negotiations revealed that Saudi Arabia and Russia took the front row out of several countries, insisting that COP28 limits its focus to reducing climate pollution and steering clear from the fossil fuels causing it.

The Organisation of the Petroleum Exporting Countries—of which Nigeria is a member sent a letter urging its 13 members, including Saudi Arabia and OPEC+ countries, to “reject any mention of fossil fuels in the final summit deal, warning that ‘undue and disproportionate pressure against fossil fuels may reach a tipping point.’”

On Tuesday, the final draft agreement at COP28 stopped short of mentioning the phasing out of fossil fuels, evoking anger from other nations and advocates.

Reiterating his stance on the inequity in the economic status quo, Tinubu wrote that despite contributing minimally to the problem, developing nations endure most of its impacts.

Tinubu, who attended the opening sessions of the event from November 30 – December 3, affirmed that the security threats, the dislocation of people, the environmental atrophy and other collateral impacts of climate change were at the forefront of his mind during his participation in Dubai, United Arab Emirates.