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Nigeria requires $410bn to activate energy transition plan by 2060 –Minister

H.E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources

*H.E. Chief Timipre Sylva, Minister of State for Petroleum Resources affirms Nigeria is committed to achieving carbon neutrality and ending energy poverty by lifting 100 million consumers out of poverty to drive socio-economic development

Gbenga Kayode | ConsumerConnect

Nigeria has begun stakeholder engagement and discussions to review energy-related issues while identifying opportunities and proffering solutions to inherent problems in line with global best practices.

ConsumerConnect learnt the Federal Government, however, said that the country yet would require $410 billion with $10 billion per annum to really address the energy constraint and policy flexibility towards achieving Nigeria’s transition plan by 2060.

  1. E. Chief Timipre Sylva, Honourable Minister of State for Petroleum Resources, stated this Thursday, November 24, 2022, at the 7th Meeting of the National Council on Hydrocarbons.

The Council’s forum, which held in Minna, Niger State Capital, discussed the theme, “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria”.

Chief Sylva, represented by Gebriel Tanimu Aduda, Permanent Secretary of the Ministry of Petroleum Resources, at the gathering of experts and policy makers in the energy sector, disclosed that the stakeholders’ meeting was organised to discuss and review energy related issues, identify opportunities and proffers solutions to inherent problems in consonance with global best practices.

The Minister also noted that Nigeria is committed to achieving carbon neutrality, ending energy poverty by lifting 100 million people out of poverty to drive economic growth and development.

According to him, the country 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.

Sylva further disclosed that 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 a human, and environmentally friendly practices.

He said that 34 memoranda had been received, with seven merged while 11 were dropped.

The memos were presented to the Council for consideration with the knowledge that Niger State has large quantity of solid mineral resources and hydrocarbons deposit in commercial quantity.

Niger has hydrocarbon deposits in commercial quantity: Gov. Bello

Speaking at the meeting, Governor Abubakar Bello of Niger State confirmed that the state has commercial deposits of hydrocarbons, in Bida Basin.

Abubakar, represented at the forum by Ahmed Matane, Secretary to the State Government (SSG), said this fact is further verified by the progressive reports and findings of the consultants from IBBU Lapai and FUT Minna.

The governor urged the Federal Government to demonstrate more political will.

He urged relevant agencies to expedite actions on the exploration in the Bida Basin for optimal benefits for Nigeria.

Niger State, Abubakar stated, will provide lands for infrastructural investments, Ease of Doing Business (EoDB) and adequate security in the LPG industry.

State tax holidays and other fiscal incentives will be provided for private sector participation, besides development of a comprehensive Niger State energy policy, among other things, said governor.

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