Nigeria needs $410m more spending for energy transition, says minister
Minister of State for Petroleum Resources, Chief Timipre Sylva, has said that Nigeria needs to spend $410 billion above usual to deliver its energy transition plan by 2060, more than N10 billion yearly.
The minister stated this while declaring open the seventh meeting of National Council on Hydrocarbons (NCH), with the theme ‘Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria.’
The Federal Ministry of Petroleum Resources organised the event, in collaboration with Niger State government, in Minna, at the weekend.
According to Sylva, energy is crucial for almost every conceivable aspect of development, noting that life expectancy is significantly related to energy consumption per capita.
Represented by the Permanent Secretary of the Ministry, Amb. Gabriel Aduda, the minister said Nigeria must address its energy constraints and will require policy flexibility to deliver it.
Sylva said the Federal Government launched the energy transition plan on August 24, 2022, which showcased the country’s pathway to achieving net zero emission by 2060 and Nigeria’s leadership role in enabling a just and equitable climate future for Africa, with the aim of mobilising the finance required to start implementation of the plan.
He, however, urged the participants to take advantage of the meeting to consolidate on the decisions reached at the last council meeting in Port Harcourt, Rivers State, in 2021.
Niger State Governor, Abubakar Sani Bello, appealed to the Federal Government to consider the establishment of a platform (gas terminals/pumping stations) within the state for the Ajaokuta/Kaduna/Kano gas pipeline project passing through it.
Bello explained that the platform would serve the Federal Capital Territory (FCT), the Garam Industrial Park, as well as Baro Port, which has the potential to boost the economic activities along the Kogi/Niger/Kaduna corridor for the Federal Government’s industrialisation drive, particularly as Niger is one of the pioneer states implementing the National Liquefied Petroleum Gas (LPG) expansion plan.
The governor, who spoke through the Secretary to the State Government (SSG), Ahmed Matane, revealed that there was proven presence of commercially viable hydrocarbon in the state.
“Preliminary surveys carried out by the state and the Federal Government shows the presence of hydrocarbon in the Bida Basin. To explore and harness the hydrocarbon opportunities in the Bida Basin, the state government engaged an international consulting firm, in collaboration with Ibrahim Badamasi Babangida University, Lapai (IBBUL) and Federal University of Technology (FUT), Minna, and the results have been impressive,” Bello said.
He urged the Federal Government and its agencies to expedite action for the continuation of the next stage of the exploration process in Bida Basin.
Bello lauded President Muhammadu Buhari for actualising the nearly 50 years dream of oil exploration in the Northern frontier.