Professor Ekundayo Mesagan, an eminent Nigerian economist, has strongly advocated for oil-producing African nations to strategically convert their fossil fuel endowments into sustainable energy sources. He highlighted the urgent need for these economies to balance the immediate economic benefits derived from oil and gas extraction with the critical imperative of environmental protection.
Speaking at the inaugural Annual Environmental Sustainability Conference and Exhibition (AFRI-ESCE) 2026 in Abuja, Professor Mesagan, who teaches Economics at the University of Ibadan, emphasised that the era of sole reliance on fossil fuels is rapidly drawing to a close. His remarks underscore the growing global pressure on countries to decarbonise their economies and address climate change impacts.
The economist detailed the inherent challenge for these nations, particularly across Africa, which includes navigating the delicate equilibrium between the economic gains from oil and gas and the long-term environmental consequences such as climate change, biodiversity loss, and pollution. He stressed that a failure to adapt would not only exacerbate ecological crises but also leave economies vulnerable to future energy shifts and market volatilities.
Strategic Diversification and Investment
Professor Mesagan urged African governments and private sectors to develop comprehensive strategies for diversification, moving away from hydrocarbon dependence. He called for substantial investments in renewable energy technologies, including solar, wind, and hydro power, which are abundant across the continent. Such investments, he argued, would not only create new industries and employment opportunities but also enhance energy security and attract green investments.
He pointed to Nigeria’s Energy Transition Plan as a step in the right direction, albeit one that requires accelerated implementation and broader stakeholder engagement. The plan acknowledges the role of gas as a transition fuel but ultimately aims for a significant shift towards renewables to achieve net-zero emissions targets.
The transition, according to Professor Mesagan, demands robust policy frameworks, technological advancements, and significant capacity building within local workforces. International collaboration and financial support from developed nations will also be crucial in easing the burden of this complex shift for developing economies.
African oil producers like Angola, Algeria, Libya, and Egypt face similar dilemmas, balancing national development priorities with global climate commitments. The call to action by Professor Mesagan at the AFRI-ESCE conference serves as a reminder of the impending global energy transition and the necessity for proactive measures.
The consequences of inaction are significant, ranging from diminished export revenues as global demand for fossil fuels declines, to increased vulnerability to climate-related disasters. Conversely, a successful transition promises long-term economic stability, environmental resilience, and a stronger position for African nations in the emerging global green economy.
The conference concluded with a call for stronger regional cooperation to share expertise, resources, and best practices in sustainable energy development. Further discussions on funding mechanisms and technology transfer are expected to be key agenda items in future deliberations among African leaders and policymakers.
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