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1.22trillion dollars to generate 178,000MW

1.22trillion dollars to generate 178,000MW
Photo by Sander Weeteling- Ask Nigeria

The Federal Government is contemplating a renewable energy plan.

According to data, Nigeria has the largest energy deficit in the world, prompting the Federal Government to consider a renewable energy plan (REmap) that would produce 178,000 MW in an effort to modernize the country’s energy infrastructure. The FG is looking for investors to raise $1.22 trillion to change its energy sources to renewable, with a projected 178,000 Megawatts of electricity over the next 27 years, in order to carry out the ambitious energy plan. When introducing the ambitious proposal during the 13th International Renewable Energy Agency (IRENA) Assembly taking place in Abu Dhabi, United Arab Emirates, Minister of Science, Technology, and Innovation Adeleke Mamora dropped the clue (UAE).

Although Nigeria currently produces about 1,000MW of renewable energy, the Federal Government and its partners, particularly the International Renewable Energy Agency, are pitching an ambitious plan to global investors that aims to end energy poverty, combat climate change, and help Nigeria meet the projections set forth in the Paris Agreement as well as the Sustainable Development Goals. A few months ago, Mr. Sharma, a senior energy specialist at the World Bank, citing a bank analysis, claimed that Nigeria had the biggest energy deficit in Africa, noting that more than 90 million people were not linked to the national grid. Professor Edekin of Edo State University’s electrical engineering department also cited a Globe Bank research when he stated that Nigeria had the biggest energy deficit in the entire world.

Only 56.5 per cent of Nigerians have access to electricity.

Out of approximately 200 million Nigerians, only 56.5% have access to electricity, according to a collection of development indicators collated from official sources in 2018. This means that about 97 million Nigerians, or 43.5% of the population, are without electricity. According to Minister Mamora, the suggested strategy is “holistic,” and implementing the new energy choice would be advantageous for both the government and Nigerians as a whole. Mamora stated that because of Nigeria’s highly dispersed institutional structure of the energy sector, coordination of policies would be essential to enabling integrated energy transition planning and ensuring its success. Mamora was represented at the program by Nigeria’s ambassador to the UAE, Mohammed Dansanta Rimi.

According to him, the Nigerian government will create the ideal surroundings for investors in the scheme. The roadmap was developed as a result of several other measures to accelerate the use of renewable energy in Nigeria, he continued, and the FG will be dedicated to its implementation. A cross-cutting organization or group tasked with carrying out this duty would be beneficial in fostering agreement and formulating a comprehensive strategy, which in turn would permit the expansion of renewable energy to satisfy the needs of the Nigerian energy sector.

Resources, particularly gas, to power businesses and residences.

Currently, fossil fuels account for 80% of Nigeria’s electrical production. In order to change the energy landscape in the most populous nation in Africa, Nigeria would have to abandon its 208 trillion standard cubic feet of gas reserves and reduce production of its 37 billion barrels of oil, according to the FG’s renewable energy plan, which was unveiled at the 13th IRENA Assembly. This occurs at a time when proponents of fossil fuels in the nation and other African nations insist on using locally available resources, particularly gas, to power businesses and residences rather than solely importing renewable energy sources.

However, after years of elusive energy policy and implementation, stakeholders at IRENA, the Energy Commission of Nigeria (ECN), and the Ministry of Science, Technology, and Innovation continue to believe that the REmap is Nigeria’s best route to sustainable energy. The United Nations Population Fund has predicted that Nigeria’s population will expand by 3.2% and reach 400 million by 2050. Due to this scenario, more people may experience energy shortages while also being exposed to the risks associated with fossil fuels and deforestation.

92 per cent of energy sources would become renewable.

The new road map predicted that in a “Transforming Energy Scenario” (TES), about 92% of energy sources would be renewable at an annual cost of $35 billion. However, IRENA estimated that Nigeria’s technical potential for solar photovoltaic (PV) was only 210 Gigawatts because only 1% of the available land could be used for project development. While huge hydro potential was predicted at 4GW, the technological potential for wind was calculated at 3.2GW. The potential for small hydro was estimated at 3.5 GW, the potential for biofuel at 29,800 GW, and the potential for CSP at 88.7 GW. With these forecasts, Nigeria’s estimated total renewable energy capacity reached 30,129.4GW.


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Admin
1
13 days ago

1.22trillion dollars to generate 178,000MWThe Federal Government is contemplating a renewable energy plan. – Express your point of view.

Member
9
11 days ago

Government is looking at changing our light to renewable energy but are asking financiers of about 1.22tr dollars by creating ideal environment for the project.

Abusi
Member
8
11 days ago

If we are going to put this huge amount of money into the power sector, in order to raise the capacity to generate more mega watt, then the money should not go to waste. It should be managed effectively for the set work and ensure enough power is generated.

Member
8
11 days ago

The plan to renew energy plan is nice. Everything involved should be well managed and ensure power works effectively. Also, everyone should benefit from this project.

Member
8
11 days ago

To address the world’s largest energy gap, the government of Nigeria is considering a renewable energy plan that would generate a great deal of megawatts.

Member
8
11 days ago

This is a huge amount of money to be spend on changing our electricity into renewable energy this kind of money should be manage and spent effective to show on what is spend on

Member
8
11 days ago

The government is considering switching to renewable energy to power the nation’s lights, but doing so would need an investment of roughly 1.22 trillion dollars and the provision of favorable conditions for the project’s financing.

Member
8
11 days ago

An ambitious proposal to alleviate energy poverty is being pitched to global investors by the United States Federal Government and its partners, in particular the International Renewable Energy Agency.

Member
8
11 days ago

It was noted that a lot of people in Nigeria were not connected to the national grid, which contributed to the country having the largest energy deficit in all of Africa.

Member
8
11 days ago

The government of Nigeria would work to establish an atmosphere favorable to business investments in the plan.

Member
8
11 days ago

The development of the road map was a consequence of a number of previous initiatives taken in Nigeria to quicken the adoption of renewable sources of energy.

Member
8
11 days ago

As a result of this hypothetical situation, a greater number of people would face energy shortages while also being put in danger by the dangers linked with the use of fossil fuels and the destruction of forests.

Member
8
11 days ago

If we are going to invest such a large sum of money into the power industry in order to increase the capacity to create more mega watt, then that money shouldn’t be wasted in any way.

Member
9
11 days ago

The Federal Government is contemplating a renewable energy plan. Government knows that they are getting it right. But they can promise and over talk when they have done little

Member
8
11 days ago

Spending this much money on converting our electricity to renewable sources requires careful management and transparent accounting of its use.

Member
8
11 days ago

Switching to renewable energy to power the nation’s lights would require a 1.22 trillion dollar investment and suitable financing conditions.

Member
8
11 days ago

A multidisciplinary organization or group charged with carrying out this task would be helpful in promoting consensus and developing a holistic approach, which in turn would allow the expansion of renewable energy to meet the needs of the Nigerian energy sector.

Member
8
11 days ago

A larger population would experience energy shortages as a result of this fictitious scenario, and they would also be at risk from the risks associated with the burning of fossil fuels and clearing forests.

Member
8
11 days ago

We shouldn’t waste this massive investment in the power sector to generate more megawatts. Manage it well and provide adequate power for the task.

Member
8
9 days ago

With the epileptic power supply it will be better for the federal government to look for alternative source of renewable energy. The FG is looking for investors to raise $1.22 trillion to change its energy sources to renewable to generate 178,000MW is a great plan.

Member
8
9 days ago

If the federal government can go ahead with the 1.22 trillion dollars generate the renewable energy, it will solve the problem of inadequate power supply troubling this country.

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