The Federal Government on Tuesday said it will abolish kerosene lighting in Nigeria by 2030.
President Muhammadu Buhari, revealed this during a message delivered at the 15th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria.
He said the plan would help to address the problems associated with climate change as well as eradicate short-lived pollutants in the oil and gas sector of the economy.
Nigeria’s quest for energy transitioning is to develop its natural gas for the export market.
Represented by the Minister of Finance, Budget and National Planning Mrs. Zainab Ahmed, the President said that “long-term greenhouse emissions have resulted in hotter temperatures, more severe rainstorms, increased drought and food security issues.
To tackle this issue, the government has set plans in motion to significantly reduce greenhouse emissions from Nigeria. More specifically, by 2030 we aim to eliminate Kerosene Lighting as well as Short-Lived Pollutants in the Oil and Gas sector.”
Buhari noted that the government will continue to cushion the adverse effects of inflation through its social safety net programmes, stressing that for a developing country like Nigeria, he said the effects of inflation are felt more strongly by less privileged citizens.
He attributed the raging inflation across the world to pent-up consumer demand after the pandemic and the Russian invasion of Ukraine.
Speaking on the theme of the conference, the President noted that repositioning the finance services industry involves valuable innovations to ensure global solutions reach local indigenous customers.
In repositioning itself, President Buhari urged the finance sector to “serve not just as an intermediary for lenders and borrowers but in creating a new ecosystem consisting of platforms where ordinary Africans can buy and sell their locally made products despite currency disparity.”
To this end, the President commended the regulators of the industry particularly the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC) and the National Insurance Commission (NAICOM) “for their diligent work which has ensured financial system stability in the country over the years.”