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Nigeria needs $400 billion to facilitate energy transition

Nigeria is a country plagued by electricity insecurity. With consistent power outages and many citizens not connected to the grid, the Minister of State for Power, Goddy Jedy-Agba, has indicated that Nigeria would need an excess of $400 billion between now and 2050 to power over 25 million homes.  

The Minister stated this during a press conference in Lagos ahead of the forthcoming COP26 United Nations Conference on Climate Change, reported local media The Vanguard.

The Minister also assured Nigerians and delegates of the 2021 Nigeria Energy Forum (NEF) conference of the country’s readiness to participate in the COP26 conference.

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It is still estimated though that 25 million homes in Nigeria have no access to electricity and are not connected to the national grid.

As a means to power these homes, the federal government embarked on solar home systems and minigrid systems.

While highlighting the country’s challenge on access to energy, Jedy-Agba stated that Nigeria would seek to align its position with an energy transition that was equitable, inclusive and just.

“The 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,” he said during the press briefing.

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“The country is also currently working on delivering energy to the 25 million Nigerians without access to energy through solar home systems and minigrids.

“The figures show this would require investments of over $400bn in excess of business as usual spending between now and 2050,” the minister said.

On his part, the Chairman of NEF 2021 virtual conference, Daniel Adeuyi, said that a sustainable industrial revolution based on modern energy technologies can accelerate the pace of socio-economic recovery globally post COVID-19.

The 2021 United Nations Climate Change Conference, also known as COP26, is the 26th United Nations Climate Change conference scheduled to be held in Glasgow, Scotland.

Nomvuyo Tena
Nomvuyo Tena is a Content Producer at Clarion Events Africa and is as passionate about the energy transition in Africa as she is about music and Beyonce.