Africa (Commonwealth Union) _ Nigeria and other African nations have the potential to transform into industrial giants, leading global economies and attracting investments through climate-friendly policies, according to Yemi Osinbajo, Nigeria’s former vice president. Speaking at the 23rd annual S.L. Edu lecture titled “Greening Africa’s Economies: Can Climate Positive Growth Deliver Prosperity?” Osinbajo highlighted how green initiatives could drive job creation, improve livelihoods, and eradicate extreme poverty across the continent.
Osinbajo emphasized that Africa, with its vast natural and human resources, is uniquely positioned to lead a sustainable industrial revolution. “If we can produce green products that are competitive, Africa will become an industrial powerhouse,” he said, stressing that adopting green technologies could reduce emissions and help the world achieve net-zero goals by 2050.
Despite being rich in resources, Africa faces significant challenges, including climate change impacts, poverty, and energy deficits. Over 600 million households lack electricity, exacerbating poverty and limiting economic growth. Osinbajo noted that sustainable agricultural practices leveraging Africa’s 65% arable land could turn the continent into a global breadbasket while minimizing environmental impact.
The former vice president also discussed barriers hindering Africa’s climate-positive growth, including high borrowing costs and debt burdens. He revealed that Africa’s borrowing costs are up to five times higher than in other regions, resulting in missed opportunities for renewable energy production. “Just a 20% higher cost of carbon over the past decade caused Africa to miss producing 27 terawatt hours of renewable energy,” Osinbajo remarked.
To overcome these challenges, he advocated for debt relief initiatives such as the Debt Relief for Green and Inclusive Recovery proposal, which seeks to restore financial stability while enabling sustainable investments. He also called for innovative funding mechanisms, including carbon pricing, taxation, and climate finance, to unlock new opportunities.
Osinbajo underscored the need for African nations to capitalize on their natural wealth by formally recognizing and valuing ecosystems like forests and wetlands, which play a vital role in carbon absorption. He argued that this recognition could improve access to funding for green development and create a fairer economic valuation for the continent.
To position Africa as a global sustainable industrial leader, Osinbajo urged governments to focus on green opportunities, build resilient infrastructure, and strengthen African capital markets. “Africa’s economy can thrive by embracing a green revolution, not only feeding itself but also becoming a major player on the global stage,” he concluded.
