Osinbajo to European Union: Don't block financing for gas investments yet

Osinbajo to European Union: Don't block financing for gas investments yet

- In 2015, the Paris Agreement ensured global commitments were made to reach net-zero carbon emissions by participating countries

- But, Nigeria's vice president, Yemi Osinbajo has counselled the European Union not to block financing for gas investments yet

- Osinbajo, a revered professor of law, put up a strong argument while justifying his call in a virtual meeting with top EU officials

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Vice President Yemi Osinbajo, SAN, has asked the European Union (EU) not to block financing for gas investments yet.

Osinbajo made the demand on Tuesday, March 2 during a meeting with a delegation of the EU led by its executive vice president, Mr Valdis Dombrovskis.

According to VP Osinbajo, the international community should preserve financing for gas projects in Nigeria and other developing countries, during the transition to net-zero emission.

He noted that the forthcoming deployment of the 5 million solar power connections, targeting 25 million households across Nigeria under the Economic Sustainability Plan (ESP), reaffirms the country's commitment to the global green energy initiative.

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Osinbajo to EU: Don't block financing for gas investments yet
By virtue of his position, VP Osinbajo is the head of Nigeria's economic team. Photo credit: @ProfOsinbajo
Source: Twitter

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A statement sent to Legit.ng by the VP's spokesman, Laolu Akande, quoted Osinbajo as saying:

“A just transition to net-zero emissions, probably one where gas as a fossil fuel is still supported, especially for those of us in this part of the world, is absolutely important, especially as it will enable us to phase-out more polluting fuels such as coal and diesel.
“Our commitment to energy transition is firm, and we think that for us, it is an area of comparative advantage. So, we are hoping to leverage that.”

He also emphasised the need to leverage opportunities to build a stronger partnership with the EU in the gas sector.

The Vice President also referred to the National Livestock Transformation Plan (NLTP) a Federal Government's initiative to address one of the fallouts of climate change, promote sedentary livestock farming and address clashes between herders and farmers.

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On his part, the Executive Vice President of the EU Commission, Mr. Valdis Dombrovskis spoke on the importance of reviewing investment agreements between Nigeria and the EU, disclosing the commission's plan to increase its external investment capacities.

Meanwhile, VP Osinbajo on Monday, March 1 tasked stakeholders in the country to focus on solving problems rather than spending time discussing them.

He made the comment while inaugurating the Senior Executive Course 43 of the National Institute for Policy and Strategic Studies (NIPSS) in Jos, the Plateau state capital.

In another development, VP Osinbajo has kicked against the prohibition of cryptocurrency by the Central Bank of Nigeria (CBN).

The vice president stated that rather than adopt a policy that prohibits cryptocurrency operations in the Nigerian banking sector, the CBN should act with knowledge and develop a robust regulatory regime that is thoughtful and knowledge-based.

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Osinbajo stated this in a keynote address delivered virtually at a one-day economic summit organized by the CBN, the Banker’s Committee, and a national newspaper.

Jerrywright Ukwu is a senior political/defence correspondent at Legit.ng based in Abuja. He is a graduate of the Nigerian Institute of Journalism, Lagos and the International Institute of Journalism in Abuja. He is also an active member of the Nigeria Union of Journalists. He spends his leisure-time reading history books.

Source: Legit

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