Oil
Transform oil revenue into green energy, expert urges
Oil-producing nations must channel fossil fuel profits into renewable infrastructure and cleaner technologies to meet global climate goals, according to an academic.
Key points
- Pan-Atlantic University professor Ekundayo Mesagan urged oil-rich countries to fund green energy using fossil fuel revenues.
- Global carbon emissions rose from 22 billion tonnes in 1990 to roughly 39 billion tonnes in 2024.
- Nigeria targets net-zero emissions by 2060 while maintaining fossil fuel investments for economic growth.
Managing the fossil transition
Oil-producing countries should redirect revenues from fossil fuels toward financing renewable power and developing green infrastructure, an energy expert has advised. Speaking at an inaugural lecture in October, Pan-Atlantic University professor Ekundayo Mesagan noted that nations must reconcile the financial gains of oil and gas with environmental degradation.
According to Premium Times, the lecture addressed the friction between maintaining fossil fuel dependence and adhering to the 2015 Paris Agreement targets. Global carbon dioxide emissions grew from approximately 22 billion tonnes in 1990 to about 39 billion tonnes in 2024, highlighting the difficulties in curbing emissions worldwide.
Investing in cleaner technologies
Mr Mesagan recommended that Nigeria and other developing petroleum producers allocate a portion of their earnings to domestic renewable capacity. He suggested that local refineries adopt carbon-capture, utilisation and storage systems to lower their environmental impact and improve participation in carbon markets.
Nigeria remains committed to a 2060 net-zero emissions target despite relying heavily on hydrocarbons for development. World Bank data shows that fuel exports accounted for 85.9 per cent of Nigeria's merchandise exports in 2025, compared to 9.5 per cent globally, underscoring the economic challenge of shifting towards a diversified energy mix that includes solar, hydro and wind power.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
