Professor Mesagan advocates technology, sound policies and collaboration to balance energy transition with Africa’s development needs
Pan-Atlantic University has held its 26th Inaugural Lecture, with Professor Ekundayo Peter Mesagan examining the complex relationship between fossil energy, environmental sustainability and economic development, particularly in resource-rich developing countries.
The lecture, titled “Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle,” was delivered by Professor Mesagan, Professor of Energy and Environmental Economics in the School of Management and Social Sciences (SMSS), at the Honeywell Group Auditorium, Lagos Business School.
In her formal introduction of the inaugural lecturer, the Vice-Chancellor, Professor Enase Okonedo, described Professor Mesagan as an economist, researcher and policy adviser whose expertise spans energy and environmental economics, industrial policy, natural resources and sustainable economic development.
She highlighted his contributions to national development, including his membership of the drafting committee for Nigeria’s Agenda 2050 under the Federal Ministry of Budget and Economic Planning, as well as his engagement with the Nigerian Economic Summit Group and the Nigerian Institute of Social and Economic Research.
“Through his research, teaching and engagement with policy and industry, Professor Mesagan continues to contribute to the understanding of some of the economic and environmental issues shaping Nigeria and the wider African continent,” she said.
Delivering his lecture, Professor Mesagan examined the challenges facing oil-rich and energy-deficient nations as the world accelerates efforts to reduce carbon emissions and transition towards cleaner energy sources.
He questioned whether reducing dependence on fossil fuels was a straightforward solution to environmental sustainability, particularly for developing countries that rely on oil and gas revenues to finance infrastructure, public services and economic development.
He also raised critical questions about the future of oil-producing nations: whether they should abandon their existing energy resources or develop alternative revenue streams to sustain their economies.
According to him, the global energy transition is more complicated than simply replacing fossil fuels with renewable energy, as technological limitations, cost considerations and development priorities continue to influence the pace of change.
He argued that Africa’s energy transition must reflect the continent’s unique circumstances rather than simply replicate Europe’s approach, stressing that expanding access to reliable and affordable energy and supporting economic growth must remain central to sustainability policies.
Professor Mesagan further maintained that natural resources alone do not determine a country’s economic future.
Rather, a nation’s ability to convert resource wealth into lasting prosperity depends on effective governance, sound policy decisions, innovation and strategic investment.
“The future belongs to countries that can transform challenges into opportunities,” he noted, reinforcing the central message of his lecture.
He identified technology as a critical component of a sustainable energy future, pointing to cleaner industrial processes and carbon capture and storage as potential tools for reducing environmental damage while supporting economic activity.
He also highlighted the importance of financial systems that direct investment towards sustainability priorities, adding that energy transition policies must be linked to poverty reduction, improved energy access and broader socioeconomic development.
The professor called for greater collaboration among economists, engineers, policymakers, environmental scientists and other specialists, noting that addressing the energy and sustainability challenge requires interdisciplinary solutions rather than isolated interventions.
The lecture brought together principal officers of the University, members of Senate, faculty members, students, alumni, industry leaders, policymakers and other members of the public.
The event provided a platform for examining how developing economies, particularly those in Africa, can navigate the competing demands of energy security, environmental protection and sustainable economic growth.
About Pan-Atlantic University
Pan-Atlantic University is a private, nonprofit institution located in Lagos, Nigeria.
The University is committed to forming competent and ethical professionals equipped to serve society with integrity.
