Nigeria will need N90 trillion ($550 billion) to reach its goal of sufficient electric power supply in the next 30 years, according to Dr. Erepamo Osaisai, Chairman and CEO of the Nigerian Atomic Energy Commission (NAEC).
"Estimates using international benchmarks suggest $900 billion will be required over the next 30 years to achieve the specific sector targets $550 billion for power and $350 billion for oil and gas, which includes maintenance cost," Osaisai said.
He explained that Nigeria has a wealth of most of the energy sources (fossil fuels, hydro, solar, tidal, geothermal, and biomass) for the generation of power, and if effectively harnessed, could meet the country's energy needs and generate enough power for export.
Nigeria's per capita electricity generation was among the lowest in the world, Osaisai said.
Consideration for the NPP (nuclear power programme) if implemented successfully, would address the important elements of energy security in the long-term and contribute towards sustainable development.
According to him, "Implementing a new NPP is a daunting task which requires a serious national commitment over time and a properly structured national institutional framework for sustainability; the challenges are serious but surmountable."
There are approximately two-dozen physical projects for the positioning of the necessary nuclear power infrastructure for education, training and research purposes. These projects are at various stages of completion and are supervised by NAEC in several of its nuclear energy research centres.
Preparatory site selection activities have been conducted and two suitable sites identified for in-depth evaluation and characterisation studies with the approval of the federal government.
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