Electricity: Nigeria needs $400bn in 29 years to power 25m homes ― Minister
By Prince Okafor
As the world embarks on energy transition, a fresh indication has emerged that Nigeria needs in excess of $400 billion between now and 2050 to power over 25 million homes.
This was the submission of the Minister of State for Power, Mr. Goddy Jedy-Agba, during a press conference with newsmen in Lagos ahead of the forthcoming COP26 United Nations Conference on Climate Change.
The Minister also assured Nigerians and delegates of the 2021 Nigeria Energy Forum (NEF) conference of the country’s readiness to participate in the conference.
However, energy Vanguard gathered that the 25 million homes have no access to electricity and are not connected to the national grid.
As a means to power these homes, the federal government embarked on solar home systems and mini-grid systems. While highlighting the country’s challenge on access to energy, Jedy-Agba stated that Nigeria would seek to align its position along with energy transition that was equitable, inclusive, and just.
“Energy transition for Nigeria will feature both clean energy technologies and natural gas, with the aim of achieving net-zero emissions by 2050.
“Nigeria had developed an Energy Transition Plan on pathways for achieving universal access by 2030 and net-zero targets by 2050.
“Nigeria is currently working on delivering energy to the 25 million Nigerians without access to energy through solar home systems and mini-grids.
“The figures show this would require investments of over $400bn dollars in excess of business as usual spending between now and 2050.
“On his part, the Chairman of NEF 2021 virtual e-conference, Daniel Adeuyi, said that a sustainable industrial revolution based on modern energy technologies can accelerate the pace of socio-economic recovery globally post COVID-19.
“Adeuyi outlined the scope of the conference and the several benefits being made available to participants who were attending the conference; these include four world-class workshops on energy and a lineup of panelists of enviable pedigree.
“He enjoined all stakeholders to contribute their strategic insights towards achieving sustainable industrialization, power sector recovery and the goal of a successful transition to net zero emissions by 2050”.