Nigeria Requires $410bn to Achieve Energy Transition – FG

The Federal Government has revealed that in order to tackle Nigeria’s energy constraints and policy flexibility, it will require $410 billion by the year 2060.

According to Fg the sum of $10 billion will be needed per annum to achieve the transition plan.

The Minister of State for Petroleum Resources, Timipre Sylva, states this at the 7th Meeting Nigeria requires $410bn to achieve energy transition – FGNigeria requires $410bn to achieve energy transition – FG the National Council on Hydrocarbons in Minna.

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Speaking on the theme of the meeting, “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria.” the minister who was represented by the Ministry’s Permanent Secretary, Gabriel Aduda, said that Nigeria was committed to achieving carbon neutrality.

He said,

“This will end energy poverty as it will lift 100 million people out of poverty and drive economic growth forward.”

“Nigeria will be one of the 50 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.

“Hence, the gathering of experts and policy makers in energy sector was designed to discuss and review energy related issues, identified opportunities, problems to proffers solutions in line with global best practices,” he revealed.”

The minister said the country through the Solid Minerals Development Fund was on the verge of unveiling a cutting-edge technology in gold mining.

He said to this end, the Federal Government had received 34 Memorandum of Understanding.

Sylva added,

“thirty-four memorandums were received, seven were merged while eleven were stepped down.

“The memos were presented to the council for consideration that the Niger State has large quantity of solid resources and hydrocarbon deposit in commercial quantity”.

He applauded Niger State for its large quantity of solid mineral resources and hydrocarbon deposits in commercial quantity.