Pan-Atlantic University hosted its 26th Inaugural Lecture, delivered by Professor Ekundayo Peter 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 formally introducing the inaugural lecturer, the Vice-Chancellor, Professor Enase Okonedo, described Professor Mesagan as “an economist, researcher and policy advisor whose work 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, and 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 the lecture titled “Making Lemonade from Lemons: The Fossil Energy & Sustainability Puzzle,” Professor Mesagan examined the tension between the global push for environmental sustainability and the developmental realities of oil-rich and energy-deficient nations.
He framed the discussion with a central question: “In the last few decades, the global argument for environmental sustainability has been that we should deemphasise the use of fossil energy while scaling up other forms of energy that are less carbon-dioxide emitting. Is this true or not? What should happen to oil-rich nations, especially developing countries? Should they fold up, or should they seek alternative sources of income for financing their projects?”
He argued that the energy transition is far more complex than simply substituting fossil fuels with renewables, as technological and cost constraints mean fossil fuels will remain part of the global energy mix for the foreseeable future.
Africa’s pathway, he stressed, cannot mirror Europe’s, because expanding energy access and supporting economic growth must remain urgent priorities alongside environmental goals.
Professor Mesagan further emphasised that natural resources do not determine a nation’s destiny; outcomes depend on the quality of governance, policy choices, innovation and investment. “The future belongs to countries that can transform challenges into opportunities,” he noted, underscoring the lecture’s central metaphor.
He highlighted the critical roles of technology, including cleaner industrial processes and carbon capture and storage, and financial systems aligned with sustainability priorities.
Energy transition, he added, cannot be separated from poverty reduction and improved energy access, and meaningful progress will require genuine collaboration among economists, engineers, policymakers, environmental scientists and other experts.
The event drew principal officers of the University, members of Senate, faculty, students, alumni, industry leaders, policymakers and members of the public.
