A former Nigerian 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, who is the 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 stated that regulatory certainty, transparent policies and investor-friendly frameworks are 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 that 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 are 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, the Group Managing Director of Sahara Group, Mr. Kola Adesina, 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.
Adesina said that 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.
Earlier, the publisher of Oriental News Nigeria Online, Mrs. Yemisi Izuora, said that the conference was organised to encourage discussions on balancing economic development with environmental sustainability.
She noted that while the extractive industry remains vital to the Nigerian economy, its activities also have environmental consequences.
“A well-protected environment promotes good health and provides greater opportunities to sustainably utilise our natural resources,” she said.
GIK/APA