Nation needs $1tr to modernise energy infrastructure, says Osinbajo

Vice President Yemi Osinbajo has said Nigeria needs a $1 trillion investment to modernise its energy infrastructure.Speaking at the opening of the National Energy and Climate Change Summit yesterday in Abuja, the vice president stated that the Muhammadu Buhari administration was making tremendous efforts to attract both domestic and foreign investments into the sector.He said the nation’s energy policies were not only geared towards sustainable supply but also to mitigate global warming.

Represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, Osinbajo commended the Energy Commission of Nigeria (ECN) and the Federal Ministry of Science and Technology for organising the summit. He noted that government had optimised transparency and openness in governance to attract full private sector participation.

Osinbajo said: “This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection. “I am happy that this summit is taking place at a time that the ministry is working hard to help move our economy away from being resource-based to the one that is knowledge-based and innovation-driven.”

“I am hopeful that at the end of your deliberations, you will be able to provide solutions towards improving sustainable energy supply and access in the country.

“I am happy that the International Energy Charter (IECh), a reputable inter-governmental energy organisation that has the main objective of promoting multi-lateral framework for cross-border cooperation in the field of energy development, is here with us.” He went on: “I recall, the ceremony last year in this same hall, when the Minister of Science and Technology signed on behalf of Nigeria, the International Energy Charter political declaration after obtaining the approval of the president.

“Nigeria then joined the IECh as an observer member state. I also recall that the ECN immediately signed a memorandum of understanding (MoU) with the IECh secretariat in order to promote such activities that will be beneficial to our dear country.”