GLOBAL ENERGY TRANSITION AND ITS IMPLICATIONS ON ENERGY SECURITY IN NIGERIA: A CRITICAL REVIEW

Abstract

This paper undertakes a critical review of the impact of the global energy transition on Nigeria's energy security, particularly considering the goal of the National Development Plan (NDP), which aims to achieve significant economic growth and lift millions of Nigerians out of poverty, and the government's energy transition plan (ETP), which aims to achieve net-zero carbon emissions by 2060. Achieving these goals, however, requires energy security, which poses a challenge for a country heavily dependent on fossil fuels as its primary energy source. The paper discusses the need for energy diversification for a plethora of renewable energy potential while emphasising the need for energy equity as the country improves the adoption of natural gas as its transition fuel. It also underscores the global trend to gradually phase out investments in new hydrocarbon projects that pose a significant risk to Nigeria's energy security. The paper concludes by emphasising the importance of energy security to Nigeria's economic growth and development and the need for the government to remain committed to sound policies and programs to adopt sustainable energy sources while staying in tune with global reality.