Ask Nigeria Header Logo

Nigeria to spend $1.22t on renewable energy

Photo of author

By Okunloye Abiodun

178,000mw of renewable energy to be generated at $1.22 trillion by 2050.

It is estimated that by 2050, Nigeria could start generating about 178,000 megawatts of renewable energy at the expense of $1.22 trillion due to a new Federal Government plan known as the Renewable Energy Roadmap (REmap). Key stakeholders, particularly from related ministries and agencies, defined the transition as a move in the right direction after it was revealed at a National Workshop organized by the Energy Commission of Nigeria (ECN) recently in Abuja. The project would be at an annual cost of $35 billion, and a Transforming Energy Scenario (TES) would convert roughly 92% of energy sources to renewables while also projecting solutions to the country’s climate impacts.

Planned Energy Scenario (PES) and Transforming Energy Scenario (TES) are the two possibilities that are currently being considered. Both of these possibilities involve a significant reduction in the use of fossil fuels and natural gas, as well as the prioritization of hydropower, electric vehicles, and solar energy, amongst other options. Investing in renewable energy is more economical than taking the traditional route. While providing the same level of energy service as the PES, the TES has lower investment costs than the PES, coming in at $1.22 trillion (2010) rather than $1.24 trillion (2010).

Renewables Investment is more cost-effective than a conventional pathway.

When expressed in terms of the average yearly value of investments, this equates to $35 billion (2010) per year, whereas the previous figure was $36 billion (2010) per year. This demonstrates that investments in renewable energy are cost-effective because, regardless of the rate of economic growth that is achieved, they are less expensive than the planned case. According to the overview of the road map, Nigeria has an abundance of renewable energy resources that are still largely untapped. If the country were to tap into some of these resources, it would be able to provide sustainable energy to all of its citizens at an affordable price.

Even after the privatization of the sector, Nigeria’s electricity supply remained dismal for many years, which is a point of concern, standing at approximately 4,500 megawatts (mw) in spite of the country’s abundant energy resources. Over eighty percent of grid-connected electricity is generated from gas, and the majority of the energy options for transportation, heating, and lighting are comprised of fossil fuels and biomass. The current installed capacity is primarily dependent on fossil fuels because of this fact.

The initiative would address the climate change challenge.

Taking on the benefit of the initiative, Nigeria’s Minister of Science, Technology, and Innovation, Adeleke Mamora, during his speech at the event, referred to the initiative as an opportunity “leeway” for the country’s economy. Mamora, who was not present but was represented by the Permanent Secretary of the Ministry, Monilola Udoh, emphasized the importance of adopting energy options that would address challenges posed by climate change and energy in order for the country to meet its sustainable development goals.

Jidere Bala, the director general of ECN, stated that the roadmap would not only support current national policies and plans on renewable energy but would also inspire confidence in foreign and domestic investors to enter the market and explore and expand the use of clean and efficient energy resources, improve access to electricity as well as fuels for national development, and mitigate climate change. He added that the move would look into how to maximize the development of renewable energy sources in countries like Nigeria, which would lead to massive long-term prosperity.

A cleaner and more sustainable national energy system has been focused on.

According to Ricardo Gorini, Senior Program Officer and REmap Team Lead at IRENA, Nigeria has a rare opportunity to create an effective energy system based on renewable energy resources, which could aid in socioeconomic development and recovery whilst still addressing strategies for reducing climate change and adapting to it. He asserts that the research offers a specific renewable focus for the creation of a more efficient and environmentally friendly national energy system. Gorini also stated that the approach allows for the rapid expansion of renewable energy as well as the adoption of technology.


Related Link

IRENA: Website

Snopes.com


The content on AskNigeria.com is given for general information only and does not constitute a professional opinion, and users should seek their own legal/professional advice. There is data available online that lists details, facts and further information not listed in this post, please complete your own investigation into these matters and reach your own conclusion. AskNigeria.com accepts no responsibility for losses from any person acting or refraining from acting as a result of content contained in this website and/or other websites which may be linked to this website.

Fact Checking Tool - Snopes.com

0 0 votes
Rate This Article
23 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
jdpumping
Member
1 year ago

The sustainance of renewable energy is important if all stake holders can come together and all hands are put on deck it is more cost effective and will lead to massive long term prosperity.

Adeolastan
Adeolastan
Member
1 year ago

This renewable energy would have be the best solution to the energy sector in Nigeria if the government take it serious and do the right thing,it will help a lot in getting it right in the energy sector because it is will be cheaper to maintain and also more affordable to the consumers.

Iyanu12345ogg
Iyanu12345ogg
Member
1 year ago

I think Investing in renewable energy is more economical than taking the traditional route it attract great benefits like inspiring foreign and domestic investors to enter the market and explore and expand the use of clean and efficient energy resources, improve access to electricity as well as fuels for national development, and mitigate climate change all these linking up will enhance the energy sector and develop the economy.

Last edited 1 year ago by Iyanu12345ogg
Abusi
Abusi
Member
1 year ago

With all these monies spent I just hope we are able to have a consistent power supply. The renewable energy will be important in the way we renew energy from one source to another. It will also help shift away from the traditional crude oil dependence.

Tolaniiii
Tolaniiii
Member
1 year ago

There are two different possibilities that can be taken into consideration. These are the Planned Energy Scenario (PES) and the Transforming Energy Scenario (TES).

Christiana
Christiana
Member
1 year ago

Choosing to go the traditional road of energy consumption is more expensive than investing in renewable energy.

Bola12
Bola12
Member
1 year ago

To improve access to power and fuels for national growth, to reduce climate change, and to complement existing national policies and plans on renewable energy, the roadmap would serve as a catalyst for increased investment from both domestic and international sources.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
1 year ago

It is encouraging that a new plan proposed by the Federal Government could result in Nigeria’s beginning to produce a significant amount of megawatts of renewable energy despite the associated costs.

Adesanyaj72
Adesanyaj72
Member
1 year ago

the change as a positive one after hearing about it at a recent National Workshop hosted by the Energy Commission of Nigeria in Abuja and i feel more should be done

Chibuzor
Chibuzor
Member
1 year ago

Each of these alternatives calls for substantially cutting back on the consumption of fossil fuels and natural gas, in addition to giving hydropower a higher priority than it already does.

Kazeem1
Kazeem1
Member
1 year ago

Even though renewable energy expenditures are less expensive than the baseline situation, regardless of the pace of economic development, they are clearly cost-effective.

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
1 year ago

To put it another way, if the country were to tap into some of these resources, it could provide renewable energy to all of its residents at a price they could afford.

Taiwoo
Taiwoo
Member
1 year ago

This action would investigate ways to optimize the growth of renewable energy sources in nations such as Nigeria, which would lead to significant long-term prosperity if it were successful.

Tonerol10
Tonerol10
Member
1 year ago

Nigeria to spend $1.22t on renewable energy. That is a lot of money yet no good results On energy supply

Hassan Isa
Hassan Isa
Member
1 year ago

The research provides a particular emphasis on renewable sources for the development of a national energy system that is both more effective and less harmful to the environment.

SarahDiv
Member
1 year ago

If subsequent governments have failed to make Electric power to be readily available in this country due to deep seated corruption in the power sector I don’t know how the 178,000mw of renewable energy will be generated at $1.22 trillion by 2050.

DimOla
DimOla
Member
1 year ago

There is high level of corruption in our power sector. Archiving the proposed 178,000mw of renewable energy generation at $1.22 trillion by 2050 could be unrealistic due to cabals controlling the affairs of the nation

Ultra0711
Ultra0711
Member
1 year ago

Our country’s electricity industry is plagued by widespread corruption. It’s possible that cabals in charge of the nation’s affairs would make it impossible to implement the anticipated 178,000mw of renewable energy production at a cost of $1.22 trillion by 2050.

Ultra0711
Ultra0711
Member
1 year ago

Successful implementation of this measure will research methods to maximize the development of renewable energy sources in countries like Nigeria, bringing about substantial long-term prosperity.

Haykaylyon26
Member
1 year ago

This renewable energy will be the solution for our electricity problem if it is well done all the necessary thing that should be done about the energy is done we will enjoy the renewable energy

Remi1
Remi1
Member
1 year ago

Despite the nation’s enormous energy resources, Nigeria’s electricity supply, which currently stands at about 4,500 megawatts (mw), has been dreadful for many years, even after the sector was privatized.

theApr
theApr
Member
1 year ago

This shows that investments in renewable energy are cost-effective because they are less expensive than the anticipated case, regardless of the level of economic growth attained.