SEC seeks public-private partnerships to finance green economy

The Securities and Exchange Commission has called for public-private partnerships to drive Nigeria’s transition to a green economy.

In a statement made available to our correspondent on Sunday, the Director-General of SEC, Emomotimi Agama, stated that this collaborative approach aims to diversify the economy, create jobs, and reduce dependence on fossil fuels.

Agama emphasised, “The green economy presents opportunities for job creation, particularly in renewable energy, sustainable agriculture, and green technology. The International Renewable Energy Agency estimates that renewable energy could create up to 52,000 direct and indirect jobs in Nigeria by 2030. This shift can stimulate innovation, fostering new industries and business models that contribute to economic growth.”

He stressed that government and private sector involvement are crucial noting the potential public health benefits, stating, “Green economy policies can improve public health by reducing pollution and promoting cleaner technologies. ”

He noted that each of Nigeria’s six geopolitical zones faces unique climate challenges, requiring tailored policies and strategies.

“The backbone of our efforts must be the development of robust policies and strategies. The green economy resonates with nature. Nigeria, with its diverse landscapes from deserts to marine environments, is uniquely positioned to lead in this area,” he remarked.

Highlighting the paradox of Nigeria’s abundant natural resources amid environmental degradation, Agama added, “Our local industries, such as the fishing sector, now rely heavily on frozen fish due to pollution. It’s a paradox that we suffer amid plenty. We must harness our opportunities, such as turning waste materials into valuable products.”

He also called for education and careers in renewable energy and green technology.

“Embracing green finance remains a critical approach to addressing these challenges. It is crucial to involve key stakeholders in conversations that promote green finance. We are at a pivotal moment where we can shape the future of our investment practices to align with environmental, social, and governance principles,” he stated.

He assured that the SEC would continue to support efforts to build momentum for a green economy.

“We will deliver coordinated and coherent policy advice, capacity building, and regulatory support to leverage actions across a broad spectrum of sectors. Transitioning to a green economy is crucial for the sustainable development of Nigeria,” he concluded.