Background
Global oil and gas markets are being reshaped by geopolitical uncertainty, energy-security priorities, changing demand expectations, investment shifts and growing requirements for emissions transparency. For producing countries, these developments create immediate commercial and fiscal considerations as well as longer-term questions about competitiveness, economic dependence and diversification. For major energy consumers, electrification, diversification of energy supplies and evolving industrial policies are also influencing future demand and trade relationships.
For Nigeria, oil and gas remains important to the country’s export earnings, foreign exchange and public finances. Domestic developments, including efforts to attract upstream investment and stronger attention to methane abatement and emissions reporting, create opportunities, but also raise questions about resilience, competitiveness, and the delivery of an orderly, just and equitable transition. Nigeria must consider how to manage exposure to volatile markets while using its resources, infrastructure, skills and investment to support the transition to a clean and competitive economy.
COP31 offers an opportunity for the government and international partners to discuss these choices and explore opportunities for further cooperation. The Nigeria BOGA Fund Programme provides an evidence base for discussions on Nigeria’s economic diversification away from oil and gas.
The Event
The side event will bring together senior technical and policy representatives from the Nigerian government and international partners to consider how partnerships and cooperation can support Nigeria’s economic diversification and resilience through the transition. Drawing on emerging insights from the Nigeria BOGA Fund programme, discussions will demonstrate how country-led analysis can inform government planning, connect producer and consumer perspectives, and provide a basis for wider international cooperation particularly around energy analysis and policy, methane emissions reduction, and economic diversification. It will explore how partners can build on this work through technical exchange, complementary initiatives and potential avenues for finance and investment, identifying practical opportunities for continued engagement towards COP32.
