After the 76th Session of the United Nations General Assembly (UNGA) which was held in New York, United States of America, President Muhammadu Buhari has returned to Nigeria with a promise to address the power situation in the country while committing to putting down a framework that will provide electricity for five million Nigerian households by 2030.
He called for more assistance from developed economies to help Nigeria deliver the goal of providing energy for all. He also reminded the general assembly that gas will continue to play a key role as an energy source and shouldn’t be phased off in a hurry.
He said:
“Nigeria’s commitment to a just transition is reflected in our ambitious Energy Compact, which includes the Government’s flagship project to electrify Five Million households and Twenty Million people using decentralized solar energy solutions. This is a major first step towards closing our energy access deficit by 2030.
“Nigeria’s commitment is also reflected in the development of our Energy Transition Plan, which was developed with the support of the UK COP26 Energy Transition Council. The focus of our discussions on transition must now evolve how we help countries develop detailed energy transition plans and commitments to mobilize enough financing to empower countries to implement those plans.
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“The scale of financing required for Nigeria to achieve net-zero, amounts to over $400 billion across the Nigerian economy in excess of business-as-usual spending over the next thirty years. This breaks down to $155 billion net spent on generation capacity, $155 billion on transmission and distribution infrastructure, $75 billion on buildings, $21 billion on the industry, and $12 billion on transport.
“As a global leader on the energy transition, it is imperative that I flag a major risk to development that stems from the current narrative around the energy transition, particularly on the role of gas and the lack of financing.
“Nigeria’s Energy Transition Plan has laid out our roadmap to reach net-zero and highlights the scale of the effort required, which includes the development and integration of renewables into current grid infrastructure at tremendous scale and electrification of all sectors.
“This is challenging for any country especially a developing country. On our development objectives, gas will have a key role to play here for some years before being phased out. Globally there are 2.6 billion people who lack access to clean cooking which is unacceptable,” adding: “even more concerning is that solid fuel cooking in Africa causes almost 490,000 premature deaths annually, making it the second-largest health risk in Africa.”
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