Prof. Mesagan explores fossil energy, sustainability puzzle @PAU 26th inaugural lecture - ITREALMS

The Pan-Atlantic University (PAU) has hosted its 26th Inaugural Lecture, centered on navigating the complex intersection of energy transition, economic growth, and environmental sustainability in developing regions, reports ITREALMS.

Delivered by Professor Ekundayo Peter Mesagan, Professor of Energy and Environmental Economics at the School of Management and Social Sciences (SMSS), the milestone lecture took place at the Honeywell Group Auditorium, Lagos Business School, drawing principal officers, Senate members, faculty, policymakers, and industry experts.

Formally introducing the inaugural lecturer, the Vice-Chancellor of Pan-Atlantic University, Professor Enase Okonedo, described Professor Mesagan as an accomplished economist, researcher, and policy advisor whose work spans energy and environmental economics, industrial policy, and sustainable development. She highlighted his contributions to national policy planning, notably his role on the drafting committee for Nigeria’s Agenda 2050 under the Federal Ministry of Budget and Economic Planning, alongside his active engagement with the Nigerian Economic Summit Group and the Nigerian Institute of Social and Economic Research.

Delivering his paper titled “Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle,” Professor Mesagan interrogated the tensions between global decarbonization mandates and the immediate socio-economic imperatives of oil-rich, energy-deficient nations. He challenged the conventional narrative that energy transition is a simple matter of replacing fossil fuels with renewable alternatives, noting that technological and cost constraints guarantee fossil fuels will remain part of the global energy mix for the foreseeable future.

Professor Mesagan emphasized that Africa’s transition framework must not blindly copy European templates. For developing nations, expanding energy access and driving economic growth must remain urgent priorities alongside climate goals. He noted that natural resource endowments do not inherently dictate a nation’s development outcomes, arguing that prosperity depends far more on governance quality, policy alignment, continuous innovation, and targeted capital investment.

Framing his thesis around transforming structural challenges into sustainable opportunities, Professor Mesagan highlighted the critical imperative of adopting cleaner industrial technologies, carbon capture systems, and financial frameworks aligned with long-term climate priorities. He concluded by stressing that energy transition cannot be decoupled from poverty alleviation, calling for multi-disciplinary collaboration among economists, engineers, policymakers, and environmental scientists to build resilient, sustainable economic models.