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Osinbajo: Nigeria Needs $1tn to Upgrade Energy Infrastructure

Osinbajo: Nigeria Needs $1tn to Upgrade Energy Infrastructure
  • Leaves for United Kingdom

Omololu Ogunmade in Abuja

Vice-President Yemi Osinbajo  Thursday in Abuja said Nigeria needs a whopping $1 trillion investment to renew and update its energy infrastructure.

Osinbajo also yesterday left Nigeria for United Kingdom on the invitation of Oxford University to deliver a special lecture on ongoing investments, efforts and plans of the Nigerian government on human development.

The vice-president made this disclosure while declaring open the National Energy and Climate Change summit at the Banquet Hall of the State House.

Disclosing that the government was working hard to attract both domestic and foreign-direct investments into the energy sector, Osinbajo said the country’s energy and energy-related policies are tilted towards energy supply security and are designed to mitigate global warming.

At the event which was organised by the Energy Commission of Nigeria (ECN) and the Federal Ministry of Science and Technology, Osinbajo, who was represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, argued that the government had enhanced transparency and openness in governance with a view to supporting private investment.

Recalling that Onu signed an agreement on behalf of Nigeria when the same event took place last year, the vice-president said Nigeria had since joined the charter with a view to promoting Nigeria’s chances of benefiting from International Energy Charter (IECh).

“Nigeria then joined the International Energy Charter (IECh) as an observer member state. I also recall that the Energy Commission of Nigeria immediately signed a memorandum of understanding (MoU) with the IECh secretariat in order to promote such activities that will be beneficial to our dear country.

“Following this, a study of the Energy Investment Risk Assessment (EIRA) for Nigeria has been completed, and the report has just been presented to us. I am happy that the assessment, which featured four performance indicators, has scored our energy investment risks as moderate.

“This is challenging in view of the huge investment of about $1 trillion required to modernise our energy infrastructure in 29 years between 2014 and 2043.

“The government is doing a lot to attract both domestic and foreign-direct investment into the energy sector,” Osinbajo stated.

In his address, the Director-General and Chief Executive Officer of ECN, Prof. Eli Jidere Bala, said ECN, in accordance with its mandate, initiated the summit to serve as a forum for deliberation on national issues on energy.

According to him, the intention is to facilitate the monitoring and assessment of performance of the energy sector in the execution of government policies on energy.

Also speaking, the European Union (EU) Head of Cooperation to Nigeria and ECOWAS, Kurt Cornelis, disclosed that the EU had offered 150 million euros to support Nigeria in various projects across the electricity value chain in its power sector as well as the off-grid sector.

He said: “Just to mention a few, the EU from this envelope is co-financing the phase 2 of NESP with 20million euros as well as a support to TCN with 25miliion euros grant to construct the Kura-Jogana-Gwiwa-Daura-Katsina double circuit 330KVA transmission line and substations which will also help evacuate the 1000MW Jigawa solar city project.”

Meanwhile, Osinbajo yesterday left Nigeria for United Kingdom on the invitation of Oxford University to deliver a special lecture on ongoing investments, efforts and plans of the Nigerian government on human development, tomorrow.

Osinbajo’s media aide, Laolu Akande, in a statement, said the vice president would also at the event inaugurate the International Advisory Board (IAB) of Oxford University’s African Studies Centre, under the School of Global and Area Studies (OSGA). He said prospective members of the board were eminent leaders from different parts of the world including several African countries such as Nigeria and South Africa.

Akande said members of the board to be inaugurated by the Nigerian Vice President include: Mr Tito Mboweni, an international advisor of Goldman Sachs, and former Chairman of the South African Reserve Bank, who will chair the board; Madame Monica Geingos, First Lady of Namibia, lawyer and entrepreneur; Professor Ibrahim Gambari, former Nigeria’s Permanent Representative to the United Nations and former Nigeria’s External Affairs Minister, and Dr.Charlotte Scott, former First Lady of Zambia and development specialist.

Others listed by Akande are: Mr. Gareth Ackerman, Chairman of Pick’n’Pay, South Africa; Mr. Alex Duncan, Director and Consultant Economist, The Policy Practice, Brighton, United Kingdom; Mr Ivor Agyeman-Duah – Economist and author, Accra, Ghana; Governor Nasir El-Rufai, Governor of Kaduna State, Nigeria and Ms. Linda Mabhena-Olagunju, founder and Managing Director, DLO Energy Group (Pty) Ltd, South Africa.

According to him, Osinbajo would be received by Oxford’s Pro-Vice-Chancellor and Warden, St. Antony’s College, Prof. Roger Goodman; Head, Oxford School of Global and Area Studies, Tim Powers and the Director of African Studies Center, Prof. Wale Adebanwi.

He said Osinbajo would return to Abuja on Sunday.

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