Nigeria must urgently accelerate its shift from fossil fuels to renewable energy if it is to achieve economic diversification and protect its fragile marine environment, maritime and energy expert Capt. Emmanuel Iheanacho said in Lagos last week
Delivering a paper titled “Nigerian Energy Transition: A Pathway to Economic Diversification and Sustainable Ocean Use” at the World Maritime Day celebration, Iheanacho warned that the country’s overdependence on oil and gas is no longer sustainable in the face of global climate concerns, volatile crude prices and the gradual depletion of oil reserves.
He noted that while oil revenues have long powered government spending and national growth, Nigeria remains dangerously exposed to external shocks, adding that a decisive turn to renewable energy would reduce such risks and strengthen economic resilience. According to him, Nigeria is richly endowed with solar, wind, hydro, biomass and geothermal resources that can provide cleaner and more reliable power if properly harnessed. He recalled that the Federal Government’s National Renewable Energy Action Plan already targets 30 percent of the national energy mix to come from renewable sources by 2030, with a milestone of adding at least 5,000 megawatts of renewable power to the national grid within the same period. Some proposals, he said, even suggest pushing the target to 50 percent.
Iheanacho explained that the benefits of this transition go beyond environmental gains. He said moving away from fossil fuels will create jobs in manufacturing, installation and maintenance of renewable infrastructure, stimulate innovation in technology and business models, and open up new streams of investment that will help diversify the economy. He pointed to the booming trade in domestic solar installations as proof that renewable energy is already creating opportunities for small businesses and households.
The former minister also drew a direct connection between energy choices and the health of Nigeria’s maritime economy. He said the country’s ocean resources, which support fishing and coastal livelihoods, are being threatened by pollution from oil exploration and other unsustainable practices. A shift to cleaner energy, he argued, would cut the carbon emissions and harmful effluents that damage coral reefs, mangroves and other critical marine ecosystems. He added that a successful energy transition could drive the development of a “blue economy” in which ocean resources are used sustainably to generate growth through activities such as offshore wind development, eco-tourism and sustainable fishing.
Despite the opportunities, Iheanacho cautioned that the road to energy transition is fraught with challenges. He listed inadequate infrastructure for integrating renewable power into the national grid, weak policy and regulatory frameworks, financing gaps and a shortage of skilled manpower as key obstacles that must be addressed. He urged the government to set clear and measurable targets, provide fiscal incentives such as tax breaks and subsidies, and attract both domestic and international financing to meet the estimated $410 billion required to achieve net-zero emissions by 2060.
He also called for stronger regulations to protect marine ecosystems and encourage sustainable fishing practices, alongside aggressive capacity-building programmes to train workers and entrepreneurs for the renewable energy market. Citing global examples, he said Nigeria can learn from Costa Rica’s near-total reliance on hydroelectric power, Denmark’s success with wind energy and Seychelles’ efforts to build a blue economy around renewable resources and sustainable fishing.
He concluded that Nigeria’s vast renewable energy resources and rich maritime environment present a unique chance to secure a more resilient and prosperous future. By leveraging solar, wind and hydro power and safeguarding its coastal ecosystems, he said, the country can diversify its economy, create new industries and jobs, and position itself as a leader in Africa’s clean energy revolution.
