- The federal government has floated two green bonds, 10.6 billion dollars and 15 billion dollars in the first and second tranches, respectively, to pursue the National Energy Policy target.
- The third tranche targets projects with clear environmental benefits and promotes the transition to low-carbon and climate-resilient growth.
The federal government has unveiled a Gazette on National Energy Policy and National Energy Masterplan to address challenges affecting energy efficiency in Nigeria. This comes in fulfilment of the 2023 Electricity Act, which mandates the plan’s release within one year of its enactment.
During the unveiling of the Energy Gazette in Abuja, the Minister of Innovation, Science and Technology, Uche Nnaji, said the document will serve as a platform to monitor the performance of the energy sector in implementing government policies. It will also power industries, enhance economic development, and attract more investments.
To achieve this target, the federal government has floated two green bonds, 10.6 billion dollars and 15 billion dollars, in the first and second tranches, respectively. In addition, the third tranche, with a threshold of 50 billion dollars, targets projects with clear environmental benefits and promotes the transition to low-carbon and climate-resilient growth.
In his address, the Director-General of the Energy Commission of Nigeria ECN, Dr Mustapha Abdullahi, said that to achieve this target, the commission will partner with stakeholders to guarantee energy security.
He highlighted that despite Nigeria having several sources of energy, one of the critical issues affecting the sector is ensuring energy efficiency. He further stressed that energy generation is not the issue but its utilisation. So, the documents highlight the best way to use and save energy.
On her part, the Special Adviser to the President on Energy, Olu Verheijen, described the initiative as a significant milestone in addressing Nigeria’s longstanding energy crisis, which has affected all segments of the nation’s sustainable development.
She stressed a holistic approach, prioritising the diversification of energy resources, energy efficiency, and availability in the sector to ensure reliable energy access for all Nigerians.
Furthermore, the Special Adviser to the President on Policy and Coordination, Hadiza Bala Usman, emphasised that the National Energy Policy and the National Energy Masterplan have the potential to unlock Nigeria’s vast energy resources by eliminating obstacles, paving the way for a future powered by reliable, sustainable, and affordable energy sources.
“We are confident that implementing these policies will transform lives nationwide. The current administration is fully aware of the tremendous social and economic benefits of a resilient, stable, and profitable energy sector,” Usman added.