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COP26: Global Leaders Dump Nigeria’s $10bn Investment Target- Aduda

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…Country struggles to meet target***

The Permanent Secretary of the Ministry of Petroleum Resources, Mr Gabriel Aduda has expressed concern over the failure of global leaders to invest approximately 10 billion dollars in Nigeria’s net-zero and energy transition plans by 2060.

Aduda said this during a Ministerial Roundtable at the ongoing World Petroleum Congress(WPC) on Wednesday in Calgary, Canada, with the topic ‘What Does The Energy Transition Mean for your Country’, revealing the country struggles to meet its target.

Aduda said various global leaders had at the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow, Scotland in 2021, made various commitments, which stood at 10 billion dollars.

According to him, this is to aid Nigeria’s agenda made on commitments to attain net zero by 2060, but with conditions.

*President Bola Tinubu

‘‘The truth of the matter is that promises were made as to how the initial injection of 10 billion dollars was going to be done. But, l sit here to tell you that not a cent has been moved,’’ he said.

He explained that part of the conditions was that transition to renewable which he noted does not come cheap.

Aduda said,” One of the things that Nigeria is not shy to say is that ‘‘we do not have the finances to get it done.’’”

He maintained that if Nigeria was going to achieve net zero by 2060, it meant that there would be significant financial injection into the system from the country.

He noted that there would also be support across the world, especially those that were responsible for heavy emissions.

‘‘Now these issues were agreed to and promises were made at COP26, but how much of these promises have been fulfilled?

“The truth is that Africa still sees huge financial exclusion when it comes to the issue of climate change and we have always said it, and the numbers are clear.

“In 2021, and 2022, 600 billion dollars of green burns were generated but less than 0.26 percent came to Africa. When we made this commitment at COP26, His Excellency, the then president, said we would need at the very beginning about $10 billion with a target of $410 billion till 2060,’’ he said.

According to him, a larger chunk of these funds we have will be used for funding of infrastructure, especially gas infrastructure across Nigeria.

The permanent secretary said that Africa remains the most compliant continent when it comes to renewable.

According to him, this is because Africa has been able to prove that no other continent has been close to where it on the use of renewables.

He maintained that out of the 54 countries in Africa, close to 30 use one form of renewable energy or the other.

He said, for instance,  Kenya has 70 percent of renewables and quite a number of other countries could also boast at least 40 percent.

‘‘But, what we have been able to put together across all the continents, no other continent is as compliant as Africa is. Yet, Africa is the least emitter of these hydrocarbons or contributors to the climate issues that we are dealing with.

“More importantly, what does energy transition mean to us as a country? A lot. We totally understand that we are a very rich country in natural resources and our very strength is in gas, which in Nigeria is even much more than crude deposits.

Ministry develops framework on oil, gas pipeline assets concession

*Gabriel Aduda

“The proven quantum of gas that we have is about 260TCF with the potential for more. Now we have identified gas in Nigeria as our transition fuel.

“We have tried to rally round in all our policies, everything we need to see that would work within a framework, that allows us to push domestic injection of gas across Nigeria and of course across Africa.

“Because we have always exported gas,  NLNG, name it, and we are still working that we reach out with our deposit to other African countries and even beyond,’’ Aduda added.

Energy

Makinde Places Oyo State On Road Towards Electricity Sustainability

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May Day: We’ll not delay action on new minimum wage – Makinde

…Signs Electricity Regulatory Commission bill into law

Oyo State may finally be moving towards self-sufficiency in Electricity generation and supply as Gov. Seyi Makinde on Friday signed into law, the State Electricity Regulatory Commission Bill 2024.

Makinde, signing the bill in Ibadan, said it was to give the state the opportunity to develop its roadmap to sustainable electricity.

He said: ”This law will enable Oyo state to generate, transmit, and distribute electricity within the state.

“With the decentralisation of electricity generation, transmission, and distribution, it has become obvious that Nigerians can access dividends of democracy if federalism is practised as it should be and more powers devolved to the states.

“Amendments of the constitution like this is what we mean when we advocate for fiscal federalism.

“In years to come as we work towards energy sufficiency, our people can hold state governments accountable on the issue of electricity supply”.

Earlier, the state House of Assembly Deputy Speaker, Mr Mohammed Fadeyi, said that signing the bill into law would make it the first time the state would come up with an independent electricity project.

Government functionaries that witnessed the occasion include the Deputy Gov., Chief Bayo Lawal; Secretary to the State Government, Prof. Olanike Adeyemo; and Chief of Staff to the governor, Mr Segun Ogunwuyi.

The Head of Service, Mrs Olubunmi Oni, and Commissioner for Energy, Mr Temilolu Ashamu, were also present.

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Energy

TCN Says Grid, Finally Restored

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The Transmission Company of Nigeria (TCN), says the national grid has been restored after it collapsed at about 1.49 p.m. on Tuesday.

The General Manager Public Affairs of TCN, Mrs Ndidi Mbah said this in a statement in Abuja on Monday.

Mbah said ”The grid experienced a collapse today.  Presently, supply has been restored except for the Jos Axis, which will soon have supply within the hour.

”The collapse happened by 1.49 p.m. on Tuesday afternoon and It is now fully restored”.

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Nigeria, Germany Sign $500m Renewable Energy Pact, Gas Export Agreement

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Nigeria and Germany have signed two Memoranda of Understanding (MoU) on the supply of gas from Nigeria to Germany and another $500 million worth of renewable energy projects in Nigeria

A statement by presidential spokesman, Ajuri Ngelale, said President Bola Tinubu witnessed the signing of the two MoUs on the sidelines of the 10th German-Nigeria Business Forum on Tuesday in Berlin, Germany.

The signing is part of the burgeoning economic partnership between Nigeria and Germany as well as a further expansion and strengthening of their bilateral ties.

The agreements are between Riverside LNG of Nigeria and Johannes Schuetze Energy Import AG of Germany on the gas export partnership, while the other is between Union Bank of Nigeria and DWS Group on cooperation in renewable energy.

CEO of GasInvest, Mr David Ige, who signed the MoU on gas supply, said the Riverside LNG project aims to supply energy from Nigeria to Germany, extinguishing about 50 million cubic feet per day of flared gas in Nigeria.

”The project will supply energy from Nigeria to Germany at 850,000 tonnes per annum, expanding to 1.2 million tonnes per annum.

”The first gas will leave Nigeria for Germany in 2026, and there will be further expansion.

‘’This will extinguish about 50 million cubic feet per day of flared gas in Nigeria and open alleyways of new and greater exports of gas to Germany,’’ he said.

The German partners expressed confidence in investing in Nigeria’s gas sector.

Chief Operating Officer of Johannes Schuetze Energy Import AG, Mr Frank Otto, described the partnership as a “big deal” for the German market.

Chairman of Union Bank, Mr Farouk Gumel, disclosed the commitment of $500 million for e-energy projects in Nigeria, emphasizing the importance of rural inclusion and bringing more people into the formal economy.

”We believe this would bring rural inclusion and capture more people into the formal economy. Without inclusion, there is no growth. Thank you, Mr President,” Gumel said.

Welcoming the new deals, Tinubu assured German businesses that with Nigeria’s stable political landscape, foreign investments into the country are secure.

He said, ”Since 1999, we have witnessed changes in democratic governance, with peaceful transfers of power within and between parties. Democracy in Nigeria has proven to be flexible and resilient.

‘’Shake off any remnants of the military era syndrome; we have moved beyond that. Despite challenges faced by other African nations, Nigeria stands firm, and we are your partners.”

Outlining some of the achievements of his administration, which include his globally acclaimed economic reforms, Tinubu emphasized his commitment to sustaining the reforms and building stronger Nigerian-German relations.

He added, ”For those who fear various obstacles; look at me—I come from the private sector, trained by Deloitte. I served as the treasurer in Exxon Mobil.

”Define corporate governance in any way, and I am in it. I governed Lagos for eight consecutive years.

‘’Today, I can proudly beat my chest that Lagos State is on the horizon and the fifth-largest economy in Africa, rising from ground zero. This is the track record that led me to the presidency.

”Nigerians voted for me for reforms, and from day one of my inauguration, I implemented the reforms. My inaugural speech did not disclose what I would do.”

According to Tinubu, he removed the fuel subsidy that was a great burden to Nigerians from the moment he stepped into office.

”The arbitrage regime is gone forever. Now, you can bring your money in and out as you wish. If you encounter any problems, rest assured that I have built one of the most reliable teams Nigeria has seen to address them.

‘’I appeal to you to forget the past and focus on building a relationship that removes obstacles, fostering progress and prosperity in Nigerian-German relations.

”You can rely on us; we can rely on you; both of us can chorus Hallelujah at the same time,” the president said.

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