Nigeria commits to 2060 net zero emissions target

  • Market: Crude oil, Electricity, Natural gas
  • 11/03/21

Nigeria has committed to reaching net zero emissions by 2060, but stressed that developing countries need technical and financial support to hit targets.

Gas will retain a key role in the country's energy transition, Nigeria's president Muhammadu Buhari said at the UN Cop-26 climate conference in Glasgow. "The data and evidence show that Nigeria can continue to use gas until 2040 without diverting from the goals of the Paris agreement," he said.

"Nigeria is actually more of a gas than an oil producing country. Consequently, I am requesting for financing of projects using transition fuels, such as gas," he said.

The president stressed throughout his speech at the world leaders summit at Cop 26 that developing countries will require financial and technical support to attain their climate change goals.

He said that Nigeria did not need to be persuaded about the importance of fighting climate change. "Desertification in the north, floods in the centre, pollution and erosion on the coast are enough evidence," he said.

Buhari said that Nigeria's commitment to a just transition is reflected in the country's "ambitious" energy plan, which includes bringing power to five million households by using decentralised solar energy solutions.

Nigeria is the largest producer of oil on the African continent and a major LNG exporter. The country exported 11.8mn t of LNG in January-August this year.

Nigeria joins major oil producers Saudi Arabia and Russia in targeting net zero emissions by 2060.


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