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Nigeria’s energy transition plan requires $1.9trn till 2060 – Osinbajo

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Why Nigeria’s human capital development drive must be sustained—Osinbajo

Vice President Yemi Osinbajo on Monday said that Nigeria’s Energy Transition Plan (ETP) would require funding of about 1.9 trillion  U.S. dollars up to 2060.

Osinbajo represented by the Minister of Power, Mr. Abubakar Aliyu, said this in Abuja while declaring open the ECOWAS Sustainable Energy Forum(ESEF)2022.

”For the sake of emphasis, it is relevant to note that Nigeria’s Energy Transition Plan (ETP) would require funding of about USD1.9 trillion up to 2060.

”USD410 billion of this amount is above usual spending and implies that we need to mobilise an additional USD10 billion per annum.

”The realisation of this goal depends on the implementation of our nation’s Energy Transition Plan (ETP) which was recently launched by this administration.

”Nigeria’s Energy Transition Plan is a prime example of the needed evolution of policies to deliver both the growth in energy consumption necessary for the development and the climate response required for the preservation of our planet.

”Our Energy Transition Plan seeks to tackle the dual crises of energy poverty and climate change, and deliver universal energy access (SDG7) by 2030 and net-zero by 2060.

”It is also a bolder articulation of our commitment to sustainability and renewables as earlier proposed in the Electricity Vision 30:30:30,, which aims to provide 30 Gigawatts (GW)of electricity by the year 2030 with renewable energy contributing at least 30 percent to the energy mix, ”he said.

According to him, the success of universal energy access and carbon neutrality is dependent on effectiveness of crowding in these investments.

Osinbajo said that the Federal  Government planned to roll out a set of policy measures that would attract financing and investments of up to 10 billion U.S. dollars and create scalability of programmes of over 30 billion U.S. dollars over the coming decades.

The vice president said that these policy measures and programmes would be leveraged on, to catalyse the Nigerian ETP; specifically on renewable power.

”For instance, we are updating the Mini-Grid Regulation to raise cap for licensing from 1 megawatt (MW) to 5 megawatts (MW); developing the policy for integration of Utility Scale Solar into the Grid,

”With requirement for 10 percent of on-grid power to come from Solar by 2025

creating a Solar Stabilisation Fund with a target of 100 million dollars to backstop on-grid solar contracts.

”Completing scalable, private sector-driven Renewable Energy Distribution Franchise pilots (all at Financial Close) including: Konexca Distribution model 90 million  dollars with the Kaduna Distribution Company (DISCo)

”Maiduguri Solar Power Island -40 million dollars Kano Interconnected Minigrid – 100MW pilotSecuring 1.5 billion dollars in additional financing through the World Bank to expand the Nigerian Electrification Programme.

”And stabilise the on-grid sector through modernising operations of our Grid and further preparing the grid for renewables, ”he said.

Osinbajo said that Government was also developing innovative data tools such as the Integrated Energy Planning Tool designed in partnership with Sustainable Energy for All (SEforALL) and the SE4All Central Data Management System (CDMS) Web portal (nigeriase4all.gov.ng).

He said that the government was incorporating Solar PV Alternative Power Supply to select Public Buildings and develop the 3D (Distributed, Decarbonised, and Digitalised) 24 Hours Feeder Programme.

He said that the project would provide uninterrupted power supply to dedicated feeders through a hybrid of grid and renewable power.

”These efforts amplify our commitments and signify our readiness for investments.

”We must work together on strategies and reforms needed to crowd in the investments required for real and impactful projects and progress on the ground.

” To reach our goals, sufficient capital must be made available in the region, and we must do our part in creating the enabling environment for these funds.

”As a region, we must scale such efforts and deliver robust and sustainable energy systems for the prosperity of our people.

”I would like to thank the ECOWAS Commission for their valuable cooperation and encourage all delegates to engage constructively in ensuring the development of enabling policies financing models.

” Private sector participation, and technological applications for a clean and sustainable energy future for the ECOWAS region, ”he said.

On his part, Mr. Juan Sell, Ambassador of Spain to Nigeria and ECOWAS, said that there was need to address energy poverty and security, adding that access to finance and technology must be taken into consideration to tackle these.

Sell said that during the European Union Summit, the EU-Africa Global Gateway Investment Package was launched with the Africa-EU Green Energy Initiative as a key component to consolidate the existing investment and to add new ones.

“In the framework of the new world the annual indicative programme 2021 2027 of the EU we are planning to allocate 600 million Euros of grants funding in the sustainable energy sector in West Africa alone.

”The EU considers equity and I quote from the message that I have been asked to convey as a key partner in the domain of sustainable energy and has the wish and the vision for a close cooperation in the future, ”he said.

Earlier, the President of ECOWAS Commission, Dr. Omar Touray, said that the adoption of original policies on renewable energy and energy sufficiency by the Heads of State and Government in July 2013  mandated the region to achieve energy targets by 2020 and 2030.

Touray represented by Mr. Sediko Douka, ECOWAS, Commissioner for Infrastructure, Energy and Digitalisation, said that the forum would afford them the opportunity to ask the region and stakeholders to take stock of progress to date.

According to him, the commission aims to increase the renewable energy policy in the region to overall electricity mix to 48 percent by 2030 and other policies related to energy efficiency.

He said that ECOWAS was also implementing measures that will add 2000 Megawatts of power generation capacity and in the medium term more than double the annual improvement of energy efficiency.

Doula said that to date, only half of ECOWAS citizens have access to modern energy services and they were constantly deprived of the full benefit of electricity for sustainable development.

He added that if that was not addressed, it would hinder the reason for achieving Sustainable Development Goals (SDGs)by 2030.

 

Economy

Sanitary Pads: Reps Query Minister Over N65m Spent On New Year Party, Others

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 The Minister of Women Affairs, Mrs Uju Kennedy-Ohaneye has drawn the ire of the House of Representatives following the unguarded manner she allegedly spent monies which included expenditures of N45 million for a New Year party and, N20 million for sanitary pads.

The House of Representatives which has now queried the minister, also frowned on her other unrelated expenditure which includes N1.5 million for vehicle fuel.

Rep. Kafilat Ogbara, Chairman, House Committee on Women Affairs, led the interrogation of the Minister, over the non-payment of N1.5 billion to contractors despite the fund release in Abuja.

She said that the investigative hearing was aimed at uncovering the truth and not witch-hunting the Minister and the officials of the ministry.

The committee also investigated the alleged diversion of funds meant for contractor payments, following a petition from contractors.

The committee also sought clarification on funds appropriated for the African First Lady’s mission and the whereabouts of the N1.5 billion meant for contractor payments.

The minister however denied the allegations of misappropriation, overspending, and non-payment to contractors.

The procurement officer confirmed contractors’ claims, and the Director of Finance and Administration acknowledged only paying approved contracts.

It would be recalled that the committee had at its last sitting summoned the minister to appear before it to explain the rationale behind the non-payment.

The committee also ordered the stoppage of all 2024 contract processes by the Ministry of Women’s Affairs until the whereabouts of the money for the said contracts are determined

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Economy

LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaningful

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LASU: Town, Meets Gown Next Tuesday, To Make Rails Transportation More Meaning

…NRC Boss, Engr. Okhiria is Pointman

The Town and the Gown will on Tuesday converge at the Lagos State University (LASU), in a mutual fusion of quality and sustainable ideas, as the Managing Director, Nigeria Railways Corporation speaks on where the eggheads necessarily need to intervene, for the overall benefit of the nation.

NRC Boosts Passenger- Safety With  Strong Armed Forces Collaboration 
Engr. Fidet-Okhiria

Prof. Bamidele Badejo who is now back in LASU, confirmed this to the Maritime First, highlighting that Engr. Freeborn Okhiria would meticulously dissect a critical issue, titled: ‘From Exclusive Clause To Concurrent List: Potency for sustainable rail infrastructure development in Nigeria and the Lagos State example.

Oluwaseun Osiyemi, the Lagos State Commissioner of Transport, will be in attendance; at an event which will flag off by noon prompt, Tuesday 16th, July 2024, at the Femi Gbajabiamila Conference Centre.

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Economy

Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

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Reps Probe Cbn’s N1.12trn Anchor Borrowers Scheme, NIRSAL’s N215b Loan

The House of Representatives has ordered probes into the N1.12 trillion anchor borrowers scheme, an initiative of the Federal Government’s interventions and agricultural funding through the Central Bank of Nigeria (CBN).

Also included in the probe are the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), the Bank of Industry (BoI) and other agencies.

The resolution followed the adoption of a motion by Rep. Chike Okafor (APC-Imo) on the floor of the House in Abuja on Tuesday.

Presenting his motion, Okafor linked the growing food scarcity and malnutrition in Nigeria to the alleged mismanagement of agricultural funds intended for agricultural development in the country.

He said the Federal Government had expended N8 trillion in 8 years on various schemes and interventions in the last eight years with the view of making food available for millions of Nigerians.

He added that the alleged mismanagement, misapplication of funds and abuse of the programmes had left Nigeria with the twin challenges of food scarcity and malnutrition.

Okafor said that funds advanced to end users of the various Federal Government interventions had also been allegedly misused, misapplied and channelled to non-farming and non-agricultural purposes.

This, he said, was responsible for the current acute scarcity of food in the country.

Adopting the motion, the House mandated the Committee on Nutrition and Food Security as well as the Committee on Agricultural Production and Services; Agricultural Colleges and Institutions and Finance, to probe

The Committees were mandated to thoroughly investigate CBN’s alleged mismanagement of the Anchor Borrowers Program (ABP) for which ₦1.12 trillion was to be disbursed to 4.67 million farmers.

The farmers were said to be involved in either maize, rice or wheat farming through 563 anchors.

The committees are to look into NIRSAL’s disbursement of ₦215,066,980,274.52, to facilitate agriculture and agribusinesses.

The House gave the committees four weeks to report back to the House.

The house also mandated the committees to equally assess how the Bank of Industry (BOI) disbursed N3 billion to 22,120 smallholder farmers through the Agriculture Value Chain Financing (AVCF) Programme.

The committee is also to investigate the handling of the N5 billion loan facility to the Bank of Agriculture (BOA) for livestock farmers across the country.

This will include the management of the National Agricultural Development N1.6 billion Recovery Fund for the Ginger Blight Epidemics Central Taskforce (GBECT).

This is for the control of Blight disease in Ginger, among other interventions. 

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