Nigeria needs $1trn to upgrade energy infrastructure – Osinbajo

October 11th, 2018

By Chesa Chesa

Nigeria requires local and foreign investments of about $1trillion up to the year 2043 in order to modernise its epileptic energy infrastructure.

Vice President Yemi Osinbajo said this on Thursday when he declared open the National Energy and Climate Change summit at the Presidential Villa, Abuja.

Osinbajo, who was represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, explained that the administration’s energy-related policies to attract the needed investments were not only geared towards energy supply security but to also mitigate global warming.

Announcing that the government had increased transparency and openness in governance to support private investments, the Vice President said: “This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection.”

The Vice President recalled that Nigeria had joined the International Energy Charter (IECh) as an Observer Member State, and 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 performance indicators, has scored our energy investment risks as moderate.

“This is challenging in view of the huge investment of about $1 trillion required to modernise 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,” he said.

In his address, the Director-General/Chief Executive Officer of Energy Commission of Nigeria (ECN), Prof. Eli Jidere Bala, said that in line with its mandate, ECN instituted the summit to serve as a forum where national issues on energy in all its ramifications were discussed with the view to facilitating the monitoring and assessment of performance of the energy sector in the execution of government policies on energy.

The European Union (EU) Head of Cooperation to Nigeria and ECOWAS, Kurt Cornelis, said that the EU had so for committed 150 Euros to support Nigeria through several projects cutting across the electricity value chain of the Nigerian electricity sector as well as the off-grid sector.

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