Energy company Oando has unveiled plans to introduce 5,000 electric buses for public transportation in Lagos State, marking a significant step towards cleaner energy and a just energy transition.

Speaking to CNBC Africa at the World Economic Forum in Davos, Switzerland, Oando’s Group CEO, Wale Tinubu, revealed that the initiative is a collaborative effort with the Lagos State Government.

“We are partnering with the Lagos State Government on a pilot project to deploy up to 5,000 electric buses across the state,” Tinubu said.

The project aims to tackle transportation-related emissions, which contribute 10% of global carbon output, by transitioning Nigeria’s public transport system from diesel and petrol to electric vehicles.

“We are using gas as a transitional fuel to generate the electricity required to power these buses. By addressing public transport emissions, we can achieve a 5% reduction in carbon emissions,” Tinubu added.

Oando’s strategy aligns with global decarbonisation goals, with a focus on integrating cleaner energy solutions, including electric vehicles. Tinubu emphasized the company’s commitment to offsetting carbon emissions through carbon capture technologies and sustainable energy initiatives.

“For every bit of carbon we emit, we ensure it is offset through innovative techniques and clean energy solutions like e-vehicles,” he said.

Tinubu also highlighted the importance of a balanced energy transition for Africa, advocating for the responsible use of the continent’s fossil fuel resources to address energy poverty while pursuing cleaner alternatives.

“Africa accounts for 45% of the global population without access to electricity. A just energy transition requires leveraging our gas resources as part of the energy mix while working towards sustainable solutions,” Tinubu concluded.