• Needs $4b yearly to achieve green energy goals
Component Lead, Enabling Environment Nigerian Energy Support Programme (NESP), Joshua Yari, has said that the Nigerian government would invest about €19 million in the third phase of the Energy Support Programme.
He disclosed that Federal Government had already invested €48 million in the second phase of its Energy Support Programme.
Yari made the disclosure, yesterday, at a one-day Energy Summit, organised by Energy Commission of Nigeria (ECN), in collaboration with Abloom Trust Nigeria Ltd, in Abuja with the theme of the summit: “Prospects of Energy Transition Plan’’
Yari said the programme was co-funded by the European Union of the German Federal Ministry for Economic, Corporation and Development.
“World Bank, with the Nigerian Electrification Programme, is bringing in $750 million to support the Nigerian government in terms of integration of renewable energy and energy efficiency, especially in the rural areas,” he stated.
He said the energy transition plan had five focal areas, adding that one of them was to create an enabling environment to support and foster investments within Nigeria.
“This means that one key aspect of improving investments is partnerships between governments, private sector and the international development community.”
“This administration has been clamouring for partnerships, especially the inclusion of the private sector in terms of investment.
“We hope to see the private sector come in to play a key role in implementing the focal areas of the Energy Transition Plan,’’ he said.
Director-General, ECN, Dr Mustapha Abdullahi, said the country required not less than $4b investments yearly to completely depend on renewable energy and go green by 2050.
Abdullahi said that since the government could not do it alone, the commission had started wooing investors to invest in infrastructure that would help in providing clean energy supply in the country.
He stated: “Nigeria will need about $4 billion every year for us to go completely green by 2050. For us to reach that target, the government cannot take that burden alone. That is why this forum is very important. We brought all stakeholders to discuss and drive on how to achieve the goal.”
Executive-Director, Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), Ogbugo Ukoha, said the impact of the environment was promising as Nigeria migrated from heavy consumption of petrol, and optimising gas utilisation in the country.
