Nigeria’s energy sector requires $410 B
Nigeria: The Vice President of Nigeria, Yemi Osinbajo, recently stated that Nigeria needs an additional $410 B to upgrade its power infrastructure.
Image source: ESI Africa
Nigeria: The Vice President of Nigeria, Yemi Osinbajo, recently stated that Nigeria needs an additional $410 B to upgrade its power infrastructure.
This was disclosed by the Vice President in a statement issued after a virtual event on climate finance themed, Climate Finance and a Just, Equitable Energy Transition for Africa.
Nigeria needs to upgrade its power infrastructure, especially for transmission and distribution, using a strategic mix of grid and minigrid systems. The nation needs an additional $410 B above business-as-usual investment to meet these goals.
According to s statement, the federal government’s immediate priority is to create 20 million jobs, rebuild industries and add more than 200 GW of new power capacity, principally utility-scale solar by 2060.
“Nigeria will require huge investments in new infrastructure. We are going to build more roads, ports, industrial parks and especially power systems. For every Nigerian to consume the modern energy minimum of 1,000 kWh per year by 2050 would require a 15-fold increase in our national power generation,” said Osinbajo.
Another point raised at the meeting by Osinbajo was the use of alternative technologies. He stressed: “Every country must find its own path to a low carbon future. The EU decision to label both gas and nuclear as green energy is a clear recognition that Europe knows that countries need a wide range of options.
“The United States too has a long-term plan that includes an array of different technologies that meet the needs of diverse communities across the country. Africa, too, will find its own path. Africa too will use an array of technologies that meet the needs of diverse countries across the continent.”
Source: ESI Africa