- The Minister of State for Power, Mr Goddy Jedy-Agba stated this at a UN hosted virtual global power sector players’ conference.
- The Minister noted that the government was working to address challenges that have impacted financing in the sector.
- The AfDB President, Akinwunmi Adesina, also stated the bank’s commitment to developing the continent’s electricity sector.
Nigeria’s federal government has stated that it would require $4 billion annually to provide universal access to sustainable renewable energy for its citizens. This was made known by the Minister of State for Power, Mr Goddy Jedy-Agba at a virtual global power sector players’ conference presided over by the United Nations Secretary-General, Antonio Guterres. However, he noted that with the removal of petrol subsidy, renewable energy sources have become more cost-competitive.
The Minister, via a statement issued by his aide, stated that the government desires to provide stable electricity to citizens via off-grid solutions. He noted, “our ambition is demonstrated by the recent removal of the fuel subsidy in Nigeria which now makes the off-grid sector more competitive, as well as the 5 million solar connections programme which was included in the COVID-19 recovery strategy and the Economic Sustainability Plan (ESP)”. The Minister also noted that the sector had been constrained by financing, but the present administration has identified conflict areas and addressed these bottlenecks.
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Also speaking at the conference, the UN secretary-general commented that African nations need to increasingly adopt renewable energy so as t relive the pressure on the inefficient grid networks. Guterres stated that the UN was ready to support Nigeria’s electricity sector and that the organisation is presently supporting efforts to stabilise supply.
The President of the African Development Bank (AfDB). Dr Akunwumi Adesina also stated that the AfDB is committed to supporting electricity development across the continent via public/private initiatives that enable supply stability. He further stated that the bank would continually implement power sector-friendly policies that will lead to sustainable economic growth via increased manufacturing, industrialisation, and the informal sector’s growth.