Vice President Yemi Osinbajo has disclosed that Nigeria needs $1trillion to modernise the energy infrastructure. He spoke yesterday during the opening ceremony of the National Energy and Climate Change summit at State House, Banquet Hall, Abuja. According to him, the money was required in 29 years, between now and 2043. Represented by the minister of Science and Technology, Dr Ogbonnaya Onu, the vice president said the federal government was doing a lot to attract both domestic and foreign direct investment into the energy sector to meet the required investment. He said, “Nigeria then joined the International Energy Charter IECh) as an Observer Member State. I also recall that the Energy Commission of Nigeria immediately signed a Memorandum of Understanding (MoU) with the IECh Secretariat in order to promote such activities that will be beneficial to our dear country. “Following this, a study of the Energy Investment Risk Assessment (EIRA) for Nigeria has been completed; the report, which has just been presented to us. I am happy that the assessment, which featured four (4) performance indicators, has scored our energy investment risks as moderate.
“This is challenging in view of the huge investment of about one trillion US dollars required to modernize our energy infrastructure in 29 years between 2014 and 2043. “The government is doing a lot to attract both domestic and foreign-direct investment into the energy sector. “Our energy and energy-related policies are not only geared towards energy supply security but to also mitigate global warming. Our nationally determined contributions (NDCs) to the Paris Climate Protocol are robust.” He further explained that to attract private investment into the sector the federal government has increased transparency and openness in governance, instituted several executive orders to remove bottlenecks in business registration and permits.He added, “We are convinced that this will help us to create more jobs, create additional wealth and reduced poverty in our country. We will like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No.5.”
On his part, the head of European Union (EU) cooperation to Nigeria, Kurt Cornelis said the EU has committed an envelope of 150million euros to support Nigeria through several projects across the electricity value chain in the country. Cornelis said the EU through its climate change programme,’ global climate change alliance plus’ has on Wednesday in Brussels approved eight million euros for massive sensitisation programme on climate change at the highest level in Nigeria. Director general of the Energy Commission of Nigeria (ECN), Professor Eli Bala Jidere said the summit was conceived to address the investment requirement in the country’s energy sector.
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