The Federal Government has revealed that it requires the funding of about USD1.9 trillion to achieve its Energy Transition Plan (ETP).
Speaking at 8th Nigeria Energy Forum in Lagos, Temitope Fashedemi, Permanent Secretary, Federal Ministry Of Power On Energy Transition For Economic Growth said: the Energy Transition Plan (ETP) would require funding of about USD1.9 trillion, which translates to an annual investment of USD10 billion.
“Understanding that the success of Carbon Neutrality is dependent on the effectiveness in crowding in investments and financing, the Nigerian Government plans to roll out a set of policy measures that would attract financing and investments of up to USD10 billion and create scalability of programs of over USD 30 billion over the next decade.”
“These policy measures and programs would be leveraged, to catalyse the Nigeria ETP specifically on renewable power.”
Fashedemi explained that recent global events reveal that we have a vista of opportunity to determine the future of energy development for industrialisation and economic growth through strategic planning. It is my firm belief that this forum presents a platform to deepen synergies among public and private interests within the country and Africa at large, to wholistically address critical challenges to unlocking the enormous potentials available in the Nigeria Electricity Supply Industrial (NESI) for industrialisation and economic
growth. As a nation, we continue to strive towards increasing energy development through legislation, policies and critical projects.”
According to Dr. Oluwole Daniel Adeuyi, Conference Chair, Nigeria Energy Forum 2023, the theme for this year is Maximizing Energy Transition For Economic Growth.
Energy Transition refers to a progressive shift from conventional to alternative and more sustainable forms of energy production and consumption.”
“NEF2023 follows the fuel subsidy removal, foreign exchange unification and electricity sector devolution in Nigeria. This presents opportunities for restoring investor confidence, rebuilding cross-sector trust, and restructuring the value chain; thereby creating an enabling environment for energy producers and consumers at all levels.”
“That is why NEF 2023 will use knowledge exchange, human development approaches, technology innovations and climate-smart investments to foster a just, affordable and sustainable energy transition for all.”
Speaking on maximizing International cooperation for energy transition, Consul General United States Consular, Lagos Nigeria Will Stevens said: The United States wants to become Nigeria’s preferred partner for the energy transition and energy access and energy security. We are partnering with Nigeria, and we participate in a variety of initiatives.”
“In energy transition net zero world, there are more opportunities for partnership and expanded cooperation. Nigeria holds 33% of the African continent’s total gas reserves with the potential to ensure a sustained supply of natural gas across sub-Saharan Africa. If necessary, financing infrastructure and partnerships are in place. Nigeria could provide natural gas for the entire continent if the necessary financing infrastructure and partnerships are in place. You can’t do it alone, but we could do it together.”
“We know that as you transition and seek to transition to cleaner energy, you need help.
So do we. This is a global challenge. It’s not something that we can tackle alone. And I believe that necessity is the mother of invention. And I think that as we tackle these problems, we’re going to see solutions coming out of places that here in Nigeria”, Will added.
In his presentation on developing energy infrastructure for sustainable development, the Group Managing Director, Sahara Power Group, Kola Adesina said: “Nigeria is a country faced with energy poverty. As a matter of fact, it is estimated that more than 60% of Nigeria’s population suffers from severe energy poverty this is the result of the absence of a well-established energy infrastructure plan in Nigeria compared to similar countries. It has led to industrialization in Nigeria to progress at a slower pace compared to our counterparts. Nevertheless, industrialization is inevitable, supported by a projected rise in GDP to 1.3 2 trillion by 2050.”
Adesina further explained, “To accelerate the pace of industrialization and maintain the trajectory of GDP growth energy production in Nigeria must increase. However, as it increases it is crucial that this growth is sustainable to ensure the efficiency of our economy for as regards the push for sustainable energy. We believe that the reliance on fossil fuels is no longer an invaluable long-term option. Due to the market uncertainties primarily fluctuations of crude oil prices and detrimental impact on the environment.”
“Therefore, Nigeria needs to embrace new and stable energy sources to meet the anticipated growth in energy demand. Moreover, the world is currently transitioning towards sustainable energy sources, and Nigeria mustn’t get left behind. There is a pressing need for alignment between the industrial sector which is driven primarily by fossil fuels, and the advancements in sustainable energy development. The primary goal of sustainable industrialization in Nigeria is to ensure that economic growth and industrial development go hand in hand with environmental protection, social inclusion and long-term sustainability. Therefore, aligning Nigeria’s industrialization, with sustainable energy development requires modifying legislation and encouraging creative project financing options. while minimizing risk to encourage investment and diversification in the sector.”
The highlight of the event was the official opening of the exhibition where local energy companies showcased their products and innovative inventions and the live pitches by top 14 tertiary student teams across Nigeria.
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