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From Isaac Anumihe and Olileanya Ezekwesiri, Abuja
The Federal Government has disclosed that more than $23 billion is required to expand energy access and connect millions of Nigerians who still live in energy poverty.
Speaking at the Nigeria Renewable Energy Innovation Forum (NREIF) in Abuja, yesterday, Vice President Kashim Shetima, noted that Nigeria’s energy transition presents an investment opportunity of over $410 billion between now and 2060.
According to him, the government’s ambition to deliver a power system capable of delivering 277 gigawatts of total installed capacity by 2060 demands more than an investment but innovation, local capacity and commitment.
“Beyond access lies our grand ambition, which is to deliver a power system capable of delivering 277 gigawatts of total installed capacity by 2060. That is why the theme for this year’s forum, “Implementing the Nigerian Peace Policy, Facilitating Local Content Development and Manufacturing in the Renewable Energy Ecosystem”, is not only timely, but indeed essential.
“Our commitment to a Nigerian-based industrial strategy calls on us to anchor the future of Africa’s renewable energy supply chains right here at home, from solar panel assembly lines in Lagos to battery recycling hubs along our industrial corridors.
Nigeria must not only participate in this revolution, but lead it. The Federal Ministry of Power has demonstrated its readiness to steer Nigeria’s energy transition through progressive policies that lay the groundwork for a more decentralised, competitive and inclusive electricity market, I must also commend the Rural Electrification Agency (REA) under the able leadership of the Managing Director for translating these policies into tangible impact across our communities——illuminating homes, empowering small businesses and transforming lives in areas once left behind, Shetima noted, while assuring Nigerians of the commitment of President Bola Ahmed Tinubu to consolidate the policy foundations.
“We are enhancing incentives for local manufacturing, streamlining regulatory frameworks and deepening collaboration with state governments, investors and development partners to release private capital and accelerate the emergence of the self sustaining renewable energy margin. Our aspirations remain unshaken” he noted.
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Earlier, the Minister of Power, Chief Adebayo Adelabu has remarked that the president has approved a N4 trillion bond to clear verified guarantee company and gas supply debts.
For him, through tariff policy reforms, which enabled cost-reflective tariffs for select consumers, supply reliability has improved while reducing energy costs for industries. Also, industry revenue has increased by 70 per cent to N1.7 trillion in 2024, compared to the previous year of N1 trillion, and the revenue is expected to exceed N2 trillion in 2025, given the trajectory of quarterly revenues in the industry.
“To stabilise the market, the president has approved a N4 trillion bond to clear verified guarantee company and gas supply debts. Alongside this, a targeted subsidy framework is being developed to protect the vulnerable households and ensure a sustainable path towards full commercialisation and viable industry. In the area of infrastructure development, the federal government has introduced targeted national programmes aimed at accelerating the viability, expansion, and modernisation of the national grid” he said.
Meanwhile, the Managing Director (MD) of REA, Abba Aliyu, had disclosed that over $500 million of domesticated investment in renewable energy in the country would be signed by some states and investors.
The states include Lagos, Kano, Plateau, Nasarawa and Bayelsa and investors are Germany, Japan etc
“We expect to sign deals of over $500 million of domesticated investment in renewable energy in the country. We’ll also have an expert panel session covering the entire spectrum of the energy ecosystem, from policy and regulation to technology and innovation to financing, skill development, and sustainability” he stated.
ENDS
