Buhari reaffirms energy target of 30 GW by 2030
…calls on the United States for financial and technical assistance
The President, Major General Muhammadu Buhari (Ret'd), in Washington, USA, on Tuesday reaffirmed the Nigerian government's determination to achieve the vision of 30 gigawatts of power by 2030.
>According to a statement by Buhari's special assistant, Garba Shehu, the president said this during the panel discussion on just energy transition at the ongoing US-Africa Leaders Summit in the US city.< /p>
He took the opportunity to present the global energy transition plan deployed by his administration in response to the challenges of climate change.
"As part of the National Renewable Energy and Energy Efficiency Policy, we have defined the 30:30:30 vision which aims to reach 30 GW of electricity by 2030, with renewable energy contributing to 30% of the energy mix Last year, Nigeria became the first African country to develop a comprehensive energy transition plan to tackle both energy poverty and climate change, and achieve Sustainable Development Goal 7 by 2030 and net zero by 2060.
“Our Federal Executive Council approved the plan earlier this year and adopted it as national policy. As part of this plan, we intend to completely eliminate the use of petrol/diesel generators by 2060 and therefore need to deploy renewable energy, including solar, on an unprecedented scale. For example, the energy transition plan requires that 5.3 GW of solar energy be deployed every year until 2060 to meet our targets,” Buhari said.
The President pointed out that the Nigerian government has embarked on several reforms, one of the best in Africa, on the regulation of mini-grids as well as the integration of renewable energy into the national grid. He unveiled some of the reforms that have positively impacted the power sector in Nigeria.
“Our aggressive power sector reforms have resulted in cost-reflective tariffs in the power sector for the first time since privatization. Under the Nigeria Electrification Project, more than four million people have been impacted by solar mini-grids and stand-alone solar systems. Regarding hydropower, the Zungeru hydropower project is nearing completion and will add 700 MW of capacity to the grid," added the president.
While also highlighting the resources that the administration had committed towards the realization of the vision, the Nigerian leader however called for “considerable financial and technical support” to achieve the goals.
“For example, our analysis shows that the implementation of the energy transition plan requires 1,900 billion dollars of expenditure until 2060, including 410 billion dollars more than the usual expenditure. This need for additional financing translates into an investment of $10 billion per year. Between 2000 and 2020, only $3 billion per year has been invested in renewable energy across Africa.
"Therefore, our energy transition plan's $10 billion per year goal represents a significant increase in current investment flows, and we need the support of the United States to mobilize the necessary resources. It is important to note that for African countries, the cost of finance and perceived investment risk remain significantly higher than for developed economies despite vast improvements in stability and governance. develops, Nigeria and Africa more broadly need concessional and low-interest investments.”
Please share this story:
…calls on the United States for financial and technical assistance
The President, Major General Muhammadu Buhari (Ret'd), in Washington, USA, on Tuesday reaffirmed the Nigerian government's determination to achieve the vision of 30 gigawatts of power by 2030.
>According to a statement by Buhari's special assistant, Garba Shehu, the president said this during the panel discussion on just energy transition at the ongoing US-Africa Leaders Summit in the US city.< /p>
He took the opportunity to present the global energy transition plan deployed by his administration in response to the challenges of climate change.
"As part of the National Renewable Energy and Energy Efficiency Policy, we have defined the 30:30:30 vision which aims to reach 30 GW of electricity by 2030, with renewable energy contributing to 30% of the energy mix Last year, Nigeria became the first African country to develop a comprehensive energy transition plan to tackle both energy poverty and climate change, and achieve Sustainable Development Goal 7 by 2030 and net zero by 2060.
“Our Federal Executive Council approved the plan earlier this year and adopted it as national policy. As part of this plan, we intend to completely eliminate the use of petrol/diesel generators by 2060 and therefore need to deploy renewable energy, including solar, on an unprecedented scale. For example, the energy transition plan requires that 5.3 GW of solar energy be deployed every year until 2060 to meet our targets,” Buhari said.
The President pointed out that the Nigerian government has embarked on several reforms, one of the best in Africa, on the regulation of mini-grids as well as the integration of renewable energy into the national grid. He unveiled some of the reforms that have positively impacted the power sector in Nigeria.
“Our aggressive power sector reforms have resulted in cost-reflective tariffs in the power sector for the first time since privatization. Under the Nigeria Electrification Project, more than four million people have been impacted by solar mini-grids and stand-alone solar systems. Regarding hydropower, the Zungeru hydropower project is nearing completion and will add 700 MW of capacity to the grid," added the president.
While also highlighting the resources that the administration had committed towards the realization of the vision, the Nigerian leader however called for “considerable financial and technical support” to achieve the goals.
“For example, our analysis shows that the implementation of the energy transition plan requires 1,900 billion dollars of expenditure until 2060, including 410 billion dollars more than the usual expenditure. This need for additional financing translates into an investment of $10 billion per year. Between 2000 and 2020, only $3 billion per year has been invested in renewable energy across Africa.
"Therefore, our energy transition plan's $10 billion per year goal represents a significant increase in current investment flows, and we need the support of the United States to mobilize the necessary resources. It is important to note that for African countries, the cost of finance and perceived investment risk remain significantly higher than for developed economies despite vast improvements in stability and governance. develops, Nigeria and Africa more broadly need concessional and low-interest investments.”
Please share this story:
What's Your Reaction?
