The federal government has stated that it intends to achieve net zero carbon emissions by 2060. At the 8th Nigeria Energy Forum, NEF, Opening Plenary on Energy Transition for Growth in Lagos on Thursday, Temitope Fashedemi, Permanent Secretary, Federal Ministry of Power, said this: “The realisation of this goal depends on the implementation of Nigeria’s Energy Transition Plan, ETP, which was launched in 2022.”
The Permanent Secretary, who was represented by the Managing Director of the Rural Electrification Agency, Engr. Ahmad Salihijo, declared that the nation would keep working to advance energy development through important projects, laws, and policies.
“The Electricity Act of 2023 has been signed by President Bola Tinubu, as is widely known. The Act’s implementation would “significantly accelerate the sustainable exploitation of our abundant resources in meeting our electric power demands for industrialisation and economic growth,” he said.
Mr Will Stevens, Consulate General of the United States in Lagos, stated in his keynote address that Nigeria remained a key participant in the US Department of Energy’s global initiative.
“There are more opportunities for partnership and increased cooperation on the energy transition to a net zero world,” he declared. Nigeria is home to 33% of all gas reserves on the African continent, which could guarantee a steady supply of natural gas throughout sub-Saharan Africa.
“If the necessary financing infrastructure and partnerships are in place, Nigeria could supply natural gas to the entire continent.”
Kola Adesina, Group Managing Director, Sahara Group, also spoke at the event, saying that Nigeria needed to embrace new and stable energy sources to meet the expected growth in energy demand.
“As a result, aligning Nigeria’s industrialization with sustainable energy development necessitates changing legislation and encouraging creative project financing options,” he said.
Adesina stated that Sahara Group was planning an industrial park at the Egbin power station to provide manufacturers with a stable and consistent electricity supply, thereby boosting industrialisation.
In his remarks, Johnvents Group Managing Director John Alamu stated that the company was installing a 3,000-kilowatt gas generator fleet to power industrial facilities as an immediate step towards this goal.
“As we expand our offerings, it is critical to highlight the significant energy and financial requirements of running integrated food manufacturing, industrial agro-processing, and agri-food commodities trading operations.”
“We encourage our financial and energy sector partners to innovate and develop tailored solutions for food sector manufacturers and processors,” he said.
The Chairman of the NEF, Dr Oluwole Daniel Adeuyi, stated in his welcome remarks that energy transition referred to a gradual shift from conventional to alternative and more sustainable forms of energy production and consumption.
“NEF2023 follows the removal of fuel subsidies, unification of foreign exchange, and devolution of the electricity sector in Nigeria,” Adeuyi explained. This creates opportunities for restoring investor confidence, rebuilding cross-sector trust, and restructuring the value chain, resulting in an enabling environment for producers and consumers at all levels.”