Osinbajo To Nigerians: "FG Needs About $1 trillion to Modernise Energy Infrastructure in the country"

VICE President, Professor Yemi Osinbajo has disclosed that about $1trillion would be required to modernise the nation’s energy infrastructure for 29 years.

He, however, said that the Federal Government was working relentlessly to attract domestic and foreign–direct investment into the energy sector of the economy, in spite of the daunting challenge of the money needed to modernise it.

Professor Osinbajo, whose speech was read by the Minister of Science and Technology, Dr Ogbonnaya Onu, while declaring open the National Energy and Climate Change Summit in Abuja, said the government was making effort to develop policies that would achieve security of energy supply to the nation and also tackle the menace of global warming and climate change.

According to him, our energy and energy-related policies are not only geared towards energy supply but to also mitigate global warming. Our nationally determined contributions (NDCs) to the Paris Climate protocols are robust.

“To further support private investment, we have increased transparency and openness in governance, instituted several executive orders to remove bottlenecks in business registration and permits etc. We are convinced that this will help us create more jobs, create additional wealth and reduce poverty in our country,” he added.

He called on foreign investors to work with local investors and professionals in line with the Presidential Executive Orders No. 5, urging the summit to provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection.

Vice president further called on all stakeholders to study the report and come up with recommendations that would enhance the investment climate in the energy sector

“I am confident that this would guarantee adequate, reliable, cost-effective, and environmentally acceptable energy supply for a diversified economy as articulated in the Economic Recovery and growth plan (ERGP).

“I am hopeful that at the end of your deliberations, you will be able to provide solutions towards improving sustainable energy supply and access in the country,” he posited.

Earlier in his welcome address, the Director-General, Energy Commission of Nigeria (ECN), Professor Eli Jidere Bala said that the commission, on behalf of Nigeria, entered into collaborative activities with the IECh Secretariat to assist it monitors the performance of the energy sector.

He said one of the parameters that influenced the effectiveness of the energy sector was the level and extent of investment made to develop its infrastructure for adequate, reliable, cost-effective and environmentally acceptable energy supply.

In his speech, the European Union Head of Cooperation to Nigeria and ECOWAS, Kurt Gornelis said that the EU under its current multi-annual programme has committed an envelope of 150 million euros to support Nigeria through several projects cuttings across the electricity value chain of the Nigeria electricity sector and off-grid sector.