Federal Government has reiterated its commitment to attaining net zero carbon emission by 2060.
The Permanent Secretary, Federal Ministry of Power, Temitope Fashedemi, who disclosed this at the 8th Nigeria Energy Forum (NEF) in Lagos, said the realisation of this goal depends on the implementation of the Nigeria’s Energy Transition Plan (ETP), which was launched in 2022.
Speaking on Energy Transition for Growth, Fashedemi said as a nation, Nigeria would continue to strive towards increasing energy development through legislations, policies and critical projects.
He said, “It is public knowledge that President Bola Tinubu, President Federal has signed the Electricity Act, 2023.
“The implementation of the Act would greatly accelerate the sustainable exploitation of our abundant resources in meeting our electric power demands for industrialisation and economic growth,” he said.
In his keynote address, United States Consulate General in Lagos, Will Stevens, said Nigeria is one of the key participants in the US Department of Energy’s global initiative.
“On the energy transition to a net zero world, there are more opportunities for partnership and expanded cooperation.
“Nigeria holds 33 per cent of the African continents total gas reserves with the potential to ensure sustained supply of natural gas across sub-Saharan Africa.
“Nigeria could provide natural gas for the entire continent if the necessary financing infrastructure and partnerships are in place,” he said.
In his welcome remarks, the Chairman of NEF, Dr Oluwole Daniel Adeuyi, said energy transition refers to a progressive shift from conventional to alternative and more sustainable form of energy production and consumption.
“NEF2023 follows the fuel subsidy removal, foreign exchange unification and electricity sector devolution in Nigeria.
“This presents opportunities for restoring investor confidence, rebuilding cross-sector trust, and restructuring the value chain, thereby creating an enabling environment for producers and consumers at all levels,” he said.
The Group Managing Director, Sahara Group, Kola Adesina, said Nigeria needs to embrace new and stable energy sources to meet the anticipated growth in energy demand.
“Therefore, aligning Nigeria’s industrialization, with sustainable energy development requires modifying legislation and encouraging creative project financing options”, he said.
Adesina remarked that Sahara Group is planning an industrial park at the Egbin power station to provide stable and consistent electricity supply to manufacturers, thereby boosting industrialisation.
The Group Managing Director, Johnvents, John Alamu, said the company is installing a 3,000-kilowatt gas generator fleet to power industrial facilities as an immediate step towards this goal.
“As we diversify our offerings, it is crucial to mention the significant energy and financial needs in running an integrated food manufacturing, industrial agro-processing and agri-food commodities trading operations.
“We urge our partners in the financial and energy sectors to innovate and create tailored solutions for food sector manufacturers and processors,” he said.
Team Leader, Green and Digital Economy, European Union Delegation to Nigeria and ECOWAS, Inga Stefanowicz, in her goodwill message said that ” in Nigeria, together with our Member States and EU Development Banks, as Team Europe, we are currently preparing a package of initiatives and infrastructure investments further boosting on- and off-grid energy solutions.
“Some 400 million euros worth of these projects and programmes from the EU and its Member States will contribute to Nigeria’s energy transition,” she said.
Stefanowicz noted the EU is committing around 50 million euros to the Nigerian power sector this year 2023, including the GET.invest country window.
Christoph Both, Senior Advisor at GET.invest, said “a dedicated support facility and advisory desk is to be set up in Nigeria to act as a one-stop-shop for mobilizing clean energy investments.
GET.invest is a European programme which aims to mobilise investment in renewable energy, supported by the European Union, Germany, Sweden, the Netherlands and Austria.
The Co-Chairman of the Forum, Mr Adekunle Makinde, said the Africa Energy Innovation Contest organised by NEF2023 is currently open for young professionals below age 35 to propose innovation clean energy solutions across four tracks.
They are Clean Energy for Agro-Industry; supported by GET.invest and Johnvents; Energizing Healthcare; supported by Sahara; Smart Metering; supported by MOJEC and Cleaner Electrification of Oil and Gas/Transport, supported by Oando Clean Energy Limited and NDPHC.
