President Muhammadu Buhari has disclosed plans by Nigeria to execute an ambitious energy plan towards reducing the energy shortcomings by 2030 including electrifying five million households.
The president disclosed this in line with Nigeria’s role as a Global Theme Champion for the Energy Transition, at the High-Level Dialogue on Energy at the sidelines of the 76th United Nations General Assembly in New York.
He said the Federal Government’s flagship project to electrify five million households and twenty million people using decentralized solar energy solutions is a major first step towards closing the country’s energy access deficit by 2030.
He added that “Nigeria’s commitment is also reflected in the development of our Energy Transition Plan, which was developed with the support of the UK COP26 Energy Transition Council.”
“The scale of financing required for Nigeria to achieve net-zero, amounts to over $400 billion across the Nigerian economy in excess of business-as-usual spending over the next thirty years.
“This breaks down to $155 billion net spent on generation capacity, $155 billion on transmission and distribution infrastructure, $75 billion on buildings, $21 billion on industry and $12 billion on transport.”
The President pointed out that as a global leader on the energy transition, it is imperative that he flags a major risk to development that stems from the current narrative around the energy transition, particularly on the role of gas and the lack of financing.
President Buhari noted that these plans must also take into account, the provision of access to electricity and clean cooking solutions for those in Nigeria and around the world currently without access.
Stating that this is challenging for any developing country to achieve, the Nigerian President called for support from developed countries to unlock the financing needed to accelerate a just energy transition for all.