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Nigeria needs $400bn to address energy constraints

The Federal Government has said that Nigeria requires $410 billion with $10 billion per annum to achieve the country’s transition plan by 2060 to address its energy constraint and policy flexibility. Minister of State for Petroleum Resources, Timipre Sylva made the disclosure at the 7th Meeting of National Council on Hydrocarbons with the theme: ‘Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria’ held in Minna. Silva said the gathering of experts and policy makers in the energy sector was designed to discuss and review energy related issues, identified opportunities, problems to proffer solutions in line with global best practices.

Represented by the Ministry’s Permanent Secretary, Gabriel Tanimu Aduda noted that Nigeria is committed to achieving carbon neutrality, ending energy poverty by lifting 100 million people out of poverty and driving economic growth. The minister stated that Nigeria will be one of the 50 countries to have launched its guidelines for the management of fugitive methane and greenhouse gases emissions in the upstream oil and gas sector latest this year.

According to him: “Nigeria, through the Solid Minerals Development Fund is on the verge of unveiling its cutting edge technology in gold mining to eliminate harmful reagents, use of cyanide for human and environmentally friendly practices. “So far, 34 memorandums were received; seven were merged while 11 were stepped down. The memos were presented to the council for consideration that the Niger State has a large quantity of solid resources and hydrocarbon deposits in commercial quantities.”




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