Nigeria needs $4b annually to access renewable energy – Minister

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The Minister of State Power, Goddy Jedy Agba has said the power sector requires $4 billion annually to universally access clean and renewable energy for a sustained power supply to consumers in the country.

Speaking at a virtual Global power sector players conference presided over by the United Nations Secretary General, Antonio Guternes, the minister outlined the achievements and challenges President Muhammadu Buhari administration has recorded in the power sector.
He said the government is desirous of ensuring that there is adequate supply of electricity to consumers.

He said “Our ambition is demonstrated by the recent removal of the fuel subsidy in Nigeria which now make the off-grid sector more competitive, as well as the 5 million solar connections Programe which was included in the Covid 19 recovery strategy, Economic Sustainability Plan ESP.”

While urging global partners to support ESP, introduced by the Federal Government, the minister stressed that Nigeria is taking steps to merge its energy access and energy transition conversations as the largest unelectrified population globally resides within the borders.

He called for access to the unelectrified 85 million people using renewable sources to maintain Nigeria and Africa’s low contribution to carbon emission.

Agba declared that financing has been a major constrain, adding that the present administration has identified areas of conflicts including accountability, transparency and technical capacity and has gone a long way to address these challenges except for finances to boost the sector.

Read Also: Nigeria loses $28bn annually to power shortages — World Bank

for a sustained power sector reforms in the country to hand over a prestigious legacy in the power sector for successive governments.

Earlier, the UN secretary General Antonio Gluternes noted that African countries and the global trend for power sector development is clean and renewable energy to unbundle the usual grid supply which has been insurficient over the years especially in African countries considering the huge amounts of fund required to fund sustained supply of power.

According to him, the United Nations is prepared to give necessary support to Nigeria considering the position paper presented by the minister of state power Goddy Jeddy Agba at the conference.

Responding further to Agba’s presentation Antonio disclosed that the United Nation is currently supporting the Nigerian power sector to stabilise supply, saying the UN will increase their support to improve the adequate supply of electricity in Nigeria. Also speaking at the conference was the President of African Development Bank AFDB. Dr Akunwumi Adesina, who stated that the African Development Bank will continue to support the power sector public private initiatives to ensure that there is stability in the power sector across African countries.

He said the bank has continued to formulate and implement power sector friendly policies ỉn order to boost manufacturing, industrialization and the informal sector for sustainable growth and development.

Participants at the conference includes, the United Nations, International Energy Agency, African Development Bank, European Bank for Reconstruction and Development, African Union, Environment minister Germany, minister of water, irrigation and energy Ethiopia, minister of petroleum and energy Senegal, minister for ecological transition Spain, minister of foreign affairs and international cooperation Italy and secretary of state for foreign common wealth and development affairs.

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