On 5 July 2022, the Energy Commission of Nigeria opened a two-day National Energy Summit on the theme ‘Green Economy and Sustainable Energy Development in Nigeria: Investment Opportunities and Challenges’ in Abuja, Nigeria. The Summit was attended by high-level representatives of the Federal Ministry of Science, Technology and Innovation, the Federal Ministry of Foreign Affairs, the Federal Ministry of Environment, the Federal Ministry of Petroleum Resources, the Federal Ministry of Mines and Steel Development, the Energy Commission of Nigeria, the Senate and House Committees on Science, Technology and Innovation, the Nigerian Investment Promotion Commission, and the Economic Community of West African States (ECOWAS) Commission.
The Secretary-General of the Energy Charter Secretariat, Mr Guy Lentz, delivered the keynote speech during the event. He informed stakeholders that on 24 June 2022, the Contracting Parties to the Energy Charter Treaty (ECT) confirmed the unprecedented in-principle agreement on the modernisation of the ECT. With this agreement, the Energy Charter Process took a historical leap towards aligning the ECT with the clean energy transition and ensuring carbon neutrality, based on the UNFCCC principle of ‘common but differentiated responsibilities’. He emphasised the role that the modernised ECT can play in facilitating renewable energy investments from small and medium enterprises in countries that lack resilient legal and regulatory investment frameworks. With the finalisation of the modernisation process, he expressed hope that soon the Secretariat would be able to open doors for Observer countries, such as Nigeria, to accede to the ECT.
During the event, Secretary-General Lentz also presented the 2020 and 2021 Energy Investmet Risk Assessment (EIRA) Extended Profiles of Nigeria to the Permanent Secretary representing the Honourable Minister of Science, Technology and Innovation of the Federal Republic of Nigeria. He underlined that the findings of the EIRA reports signal the good progress the Federal Government of Nigeria is making in revitalising the energy sector, securing affordable and reliable energy access, and working towards its international commitments under the Paris Agreement. He welcomed Nigeria's continued cooperation on the EIRA project and hoped it would encourage other ECOWAS countries to do the same.