Investment: FG Unveils National Energy Policy, Master Plan

The federal government has unveiled two strategic documents that will serve as a roadmap to energy transition, efficiency and reliability in the country to power Nigeria’s industries, enhance economic development and attract more investments.

The documents which are National Energy Plan (NEP) and National Energy Master Plan (NEMP) revised editions, produced by the Energy Commission of Nigeria (ECN) were launched in Abuja on Wednesday becoming the first time an energy policy document will be gazetted the country.

Minister of Innovation, Science and Technology, Uche Nnaji was joined by special adviser to President Bola Tinubu on Energy, Olu Verheijen, minister of Water Resources and Sanitation Joseph Utsev (represented); minister of state for Petroleum Resources (Gas) Ekperikpe Ekpo; the director general of the ECN, Dr. Mustapha Abdullahi among other dignitaries to unveil the documents.

The minister, Uche Nnaji, in his remarks noted that the federal government in pursuance of its energy targets have floated 2 great bonds of $10.6 billion and $15 billion in the first and second tranches of respectively.

He added that the third tranche with a threshold of $50 billion targets projects with clear environmental protection and promotes the transition to low carbon and climate resilient growth which includes both climate mitigation and adaptation.

He said “these no doubts open additional investment initiatives under Nigeria’s energy transition plan, where the bond holders, beneficiaries, suppliers, manufacturers and a host of other value chain activities can explore investment opportunities.”

He added that by these gazettes, government policy direction is now clear, documented and holds significant importance for general application. He noted that it has further given its official recognition by government lending it authority and credibility, thus encouraging compliance by government agencies and institutions as well as private establishments businesses.

The director general of ECN, Abdullahi told reporters in an interview that the Commission will collaborate with stakeholders on the roadmap which will guarantee energy security.

He said “we have so many sources of energy and the roadmap is to ensure energy efficiency which is also one of the key issues. We have also made the observation that it is not the generation of energy that is the issue but its utilisation. So, the documents highlight the best way to use and save energy”.

Verheijen in her remarks said the launch was significant because it points to the “determination of the government to ensure energy sustainability,” adding that “energy forms the backbone of the society and economic growth”.

She noted that although Nigeria faces challenges in the energy sector such as inadequate infrastructure and limited access to electricity, the nation has enormous potential to transform the sector.

She said “we must embrace a holistic approach that prioritises the diversification of energy resources, prioritises energy efficiency and availability in this sector to ensure reliable energy access for all Nigerians.”