Oil & Gas
FORMER Minister of Information and Culture, Alhaji Lai Mohammed, has called for investor-friendly regulatory reforms and competitive fiscal incentives to accelerate Nigeria’s energy transition and attract needed capital.
Mohammed, Chairman of Portland Gas Ltd., made the call on Thursday while delivering the keynote address at the Oriental News Nigeria 2026 Conference in Lagos.
The conference has the theme: “Carbon Capture: Accelerating Decarbonisation Initiatives in Nigeria’s Extractive Industry Through Broad Regulatory Reforms”.
Mohammed said regulatory certainty, transparent policies and investor-friendly frameworks were essential to unlocking billions of dollars required to expand gas utilisation, drive economic growth and strengthen Nigeria’s position in the global energy market.
He said decarbonisation was no longer a long-term objective but an immediate priority, identifying carbon capture, cleaner fuels and regulatory reforms as key to achieving Nigeria’s energy transition goals.
According to him, infrastructure alone will not enable the country to meet its climate targets and global net-zero commitments.
He stressed that sustainable financing, effective investment strategies, operational efficiency and strong climate governance were equally important.
The former minister identified financing as one of the biggest challenges facing clean energy development in Africa.
“We therefore need innovative financing models, blended finance, green bonds, carbon markets and long-term investment frameworks that reduce project risks and encourage greater private sector participation,” Mohammed said.
Speaking at the conference, Group Managing Director of Sahara Group, Mr Kola Adeshina, described the theme as timely, noting that carbon capture should neither be viewed as a cure-all nor dismissed as an unrealistic concept.
According to him, carbon capture remains one of the practical solutions that can help Nigeria reduce emissions while sustaining industrial and energy development.
Adeshina said Nigeria had favourable geological conditions for carbon capture but stressed that the industry’s success depended on investor confidence.
He said confidence must be built through clear regulations, reliable data, viable economics and the ability of operators to manage projects safely and transparently.
“We must move from policies to projects, from communication to capital, and from ambition to measurable action.
“Nigeria’s decarbonisation pathway should reduce emissions while expanding energy access, supporting industrial growth, protecting jobs and attracting investment,” he said.
Adeshina stressed that carbon capture could not succeed through technology alone, calling for clear regulations defining carbon ownership, storage rights, permitting processes, monitoring systems, liability and investment incentives.
He added that government support and enabling legislation were necessary to attract investment and make carbon capture commercially viable.
Earlier, Publisher of Oriental News Nigeria Online, Mrs Yemisi Izuora, said the conference was organised to encourage discussions on balancing economic development with environmental sustainability.
She noted that while the extractive industry remained vital to Nigeria’s economy, its activities also had environmental consequences.
“A well-protected environment promotes good health and provides greater opportunities to sustainably utilise our natural resources,” she said.
Also, Associate Professor of Management Communication at Lagos Business School, Prof. Silk Ogbu, said Nigeria was at a critical stage in its decarbonisation journey and must actively shape emerging climate policies.
He noted that climate action had moved beyond advocacy, with the National Assembly and regulators already developing relevant laws and policy frameworks.
“Nigeria has committed to achieving net-zero emissions by 2060.
“The reforms are coming, but the question is whether we will shape them or be shaped by them,” Ogbu said.
On climate finance, Ogbu said funding remained a major challenge because environmental damage had historically not been properly valued.
“Saving the climate is expensive. Green ambition without green money is only a lovely idea. Those achieving results are deliberate and strategic about their investments,” he said.
He added that climate change was already affecting lives and businesses, making it necessary for Nigeria to adopt measurable and results-driven environmental policies.
The Managing Director of the Rural Electrification Agency (REA), Malam Abba Aliyu, represented by the Executive Director of Corporate Services, Mr Gboyega Ayoade, said Nigeria’s decarbonisation strategy must go beyond emissions reduction.
This , he noted, would include economic growth, energy security and industrial development.
Speaking on “Driving Nigeria’s Decarbonisation Through Strategic Promotion of Clean Energy – The REA Experience”, Ayoade said decarbonisation should be viewed as a national development strategy.
“For Nigeria, decarbonisation cannot be reduced to a conversation about emissions alone.
“It must also focus on competitiveness, industrial renewal, energy security, climate resilience, financing, technology and inclusive growth,” he said.
He stressed that achieving these objectives required coordinated reforms across the energy, finance, environmental and industrial sectors.
According to him, regulation must encourage innovation while protecting consumers and ensuring market stability.
He called for clear and coordinated regulations covering emissions management, carbon capture, gas flaring reduction, clean energy adoption, environmental reporting and sustainable finance.
Ayoade also urged continued reforms in power sector regulations covering mini-grids, embedded generation, energy storage and distributed energy resources.
He said government must provide policy direction, regulators must build investor confidence, the private sector must invest, financial institutions must develop innovative financing solutions, development partners must reduce investment risks, and the media must promote informed public dialogue.
He commended Oriental News Nigeria for organising the conference, describing the media as an important partner in shaping conversations that would influence Nigeria’s energy and climate future. (NAN)
Tags: energy transition Lai Mohammed