ECN Boss Solicits More Foreign Investment To Reduce Poverty

The director-general/chief executive officer of the Energy Commission of Nigeria (ECN), Dr Mustapha Abdullahi, has advocated for foreign investors to invest more in the energy sector to ameliorate poverty in Africa.

The ECN boss made this assertion at the ongoing summit of the G20 Energy Transition Working Group meeting in Foz Do Iguaçu, Brazil, even as he called on G20 leaders to provide intervention in inadequate finance to address the energy poverty militating against Africa.

While speaking to delegates from across the globe, the Energy expert underscored the important role of energy transition in achieving clean, affordable energy access and net-zero emissions targets by 2050 in African countries, particularly Nigeria.

Dr Abdullahi posited further that modern, affordable, reliable and sustainable energy is critical for economic growth, and providing access to modern energy contributes greatly to improved health care, better education and economic growth in both urban and rural areas in Africa.

He said, “One of the conclusions of the COP28 Summit held in Dubai, United Arab Emirates, in 2023 was the commitment of the participating countries to transition away from fossil fuels to renewable fuels in a just, orderly and equitable manner to achieve net-zero emissions by 2050 globally”.

Dr Abdullahi reiterated President Bola Ahmed Tinubu’s commitment and described Nigeria’s pledge to support the global initiative made at the COP28 as sacrosanct. He affirmed the country’s resolve to triple the installed capacity of renewable energy and double the rate of global energy efficiency by 2030.

Speaking to the theme of this year’s summit, which is woven around “Building A Just World And A Sustainable Planet”, the Energy Commission boss stressed that other germane problems need to be addressed to guarantee such a goal.

One of such problem is the energy poverty on the African continent. He emphasised the need for more energy, which is pivotal to reducing poverty, preventing diseases, and supplying clean, accessible essential hygiene.

Dr Abdullahi posited that Nigeria was the first African country to officially launch a detailed Energy Transition Plan (ETP) to address the problems of energy poverty and climate change and deliver universal access to affordable energy (SDG7) by 2030 and net-zero by 2060. He added that the country’s projected estimates require that $ 410 billion would be required to deliver an improved Energy Transition Plan (ETP) by 2060.

The ECN boss concluded that finance is key to driving a clean energy transition even as he lamented that this is lacking across African countries. He called for more foreign investors to come into the country to take advantage of the stable environment for investment to thrive.

He said Africa is one of the most affected continents by climate change, and the present funding is grossly inadequate. As per Nationally Determined Contributions, the continent requires about $ 53 billion annually between 2020 and 2035.