The Nigerian government’s efforts, which aligns with the global push to achieve net-zero emission, looks progressive as the government is actively and profusely working toward it. This was confirmed by the launch of the Energy Transition Plan (ETP) last year, aimed at achieving zero carbon emission by 2060 and other numerous policies and initiatives. More so, permanent secretary, Federal Ministry of Power, Mr. Temitope Fashedemi, also reiterated the government’s commitment while speaking at the eighth Nigeria Energy Forum (NEF) opening plenary on Energy Transition for Growth in Lagos.
At the NEF2023 event tagged “Maximizing Energy Transition For Economic Growth,” Fashedemi was represented by engineer Ahmad Salihijo, Managing Director, Rural Electrification Agency. He said the ETP launch was very crucial in this line. Fashedemi further assured that the country would keep pushing for more energy development through new laws, policies, and crucial projects. The recently passed Electricity Act, 2023, according to him, would significantly hasten the sustainable utilization of our plentiful natural resources to supply the electric power essential to the expansion of industrialization and economy.
Nigeria holds 33% of Africa’s total gas reserves.
U.S. Consulate General Will Stevens emphasized in his keynote address that Nigeria is an integral element of the US Department of Energy’s global strategy. There is room for further collaboration and partnership on the transition to a net-zero energy world, he said. With 33% of Africa’s total gas reserves, Nigeria has the ability to guarantee a steady supply of natural gas throughout all of sub-Saharan Africa. Provided that the appropriate financial mechanisms and collaborations are in place, the country, according to Stevens, could supply natural gas for the entire continent.
A package of initiatives and infrastructure investments to further strengthen on- and off-grid energy solutions is currently being prepared, according to a statement from Ms. Inga Stefanowicz, Team Leader, Green and Digital Economy, European Union Delegation to Nigeria and ECOWAS. She said that €400 million in funding from the European Union and its Member States is on hand to aid Nigeria’s energy transition. As part of the GET invest country window, the EU also plans to allocate over €50 million to Nigeria’s power industry this year.
Organisation plans to build industrial park at Egbin power station.
Sahara Group Managing Director Kola Adesina said for Nigeria to keep up with the expected increase in energy consumption, the country must adopt innovative and sustainable energy sources. Thus, it is necessary to improve the law and encourage novel project finance strategies which will in turn bring Nigeria’s industrialization in tandem with the development of sustainable energy sources. As part of its drive to encourage industrialization, Adesina said the Group was planning to build an industrial park at the Egbin power station to facilitate reliable electricity to local factories. Also, Johnvents’ Group Managing Director, Mr. John Alamu, disclosed that the company would install a 3,000-kilowatt gas generator fleet to power manufacturing facilities.
On his part, Chairman of the Nigerian Energy Foundation (NEF), Dr. Oluwole Daniel Adeuyi, termed energy transition as a transition from conventional to innovative and more sustainable energy source and consumption. He explained that NEF2023 was a natural progression in Nigeria after the country abolished fuel subsidies, unified its currency, and decentralized its electricity sector. This may constitute an opportunity to regain investor firm dedication, mend cooperation between industries, and reorganize the value chain in ways that benefit both manufacturers and consumers.
NEF2023’s Africa Energy Innovation Contest is open to young talents.
At the forum’s live finals, funded by All On, the frontrunners of the Tertiary Institutions Students Energy Pitch Contest received N2.5m to deploy towards developing novel energy solutions. Adeuyi defined this initiative as an impact investing firm aiming to expand the accessibility of electricity to unserved and underprivileged populations in the country. Co-Chairman of the Forum, Adekunle Makinde revealed that NEF2023’s Africa Energy Innovation Contest is open to young talents under the age of 35 who would like to offer sustainable energy solutions in one of four categories.
Related Link
ETP: Website
