President Muhammadu Buhari says his regime is determined to ensure that Nigeria achieves the vision of 30 gigawatts of energy by 2030.
Mr Buhari made the pledge at a discussion panel on Just Energy Transition at the ongoing U.S.-Africa Leaders Summit in Washington.
He used the opportunity to outline the comprehensive Energy Transition Plan unfolded by his administration in response to the issues associated with climate change.
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According to him, as part of the National Renewable Energy and Energy Efficiency Policy, Nigeria set the vision 30:30:30, which aims at achieving 30GW of electricity by 2030, with renewable energy contributing 30 per cent of the energy mix.
“In 2021, Nigeria became the first African country to develop a detailed Energy Transition Plan to tackle both energy poverty and climate change, and deliver Sustainable Development Goals (SDGs) 7 by 2030 and net-zero by 2060,” stated the Nigerian leader. “Our Federal Executive Council approved the plan earlier this year and adopted it as a national policy.”
Mr Buhari told the summit about Nigeria’s plans to eliminate the use of petrol and diesel generators by 2060, noting that the Energy Transition Plan requires that 5.3GW of solar be deployed annually until 2060 to achieve “our targets.”
He added, “Our aggressive power sector reforms have resulted in cost-reflective tariffs in the power sector for the first time since privatisation. Under the Nigeria Electrification Project, over four million people have been impacted through solar mini-grids and solar stand-alone systems.”
Mr Buhari told the summit that his regime was about completing the Zungeru hydropower project, expected to add 700MW to the national power grid, calling for financial and technical support to achieve the desired results.
“For instance, our analysis shows that delivering the Energy Transition Plan requires $1.9 trillion spending up to 2060, including $410 billion above business-as-usual spending. This additional financing requirement translates to a $10 billion investment needed per annum,” said Mr Buhari.
He also disclosed that between 2000 and 2020, “just $3 billion per year” was invested in renewable energy in the whole of Africa.
“Consequently,” Mr Buhari explained, “the $10 billion per year target of our Energy Transition Plan represents a significant scaling of current investment flows, and we need support from the U.S. to mobilise the needed resources.”