The Minister of State for Power, Prince Goddy Jedy Agba, has projected that Nigeria would need about $400 billion between now and 2050 to provide stable electricity in over 25 million Nigerians currently lacking access to power supply.
The minister made the projection during a media briefing in Lagos preparatory to the forthcoming 26th United Nations Conference on Climate Change (COP26) Conference scheduled to hold in Glasgow, Scotland.
While assuring Nigerians and delegates of the 2021 Nigeria Energy Forum (NEF) conference of Federal Government’s readiness to participate in the conference, Agba explained that in doing so,
Nigeria would seek to align its position along with energy transition that is equitable, inclusive and just.
He clarified: “Energy transition for Nigeria will feature both clean energy technologies and natural gas, with the aim of achieving net-zero emissions by 2050.
“Nigeria had developed an Energy Transition Plan on pathways for achieving universal access by 2030 and net-zero targets by 2050.
“Nigeria is currently working on delivering energy to the 25 million Nigerians without access to energy through solar home systems and mini-grids. The figures show this would require investments of over $400bn in excess of business as usual spending between now and 2050”, the minister added.
In his remarks at the media parley, the Chairman of NEF 2021 virtual e-conference, Daniel Adeuyi, pointed out that a sustainable industrial revolution based on modern energy technologies can accelerate the pace of socio-economic recovery globally post COVID-19.
He highlighted the scope of the conference and its potential benefits to participants, including four world-class workshops on energy and a lineup of panelists of diverse professional pedigrees.
Adeuyi urged all stakeholders to contribute to current government’s drives towards achieving sustainable industrialization, power sector recovery and the goal of a successful transition to net zero emissions by 2050, among other clean energy policy measures.