- Nigeria launches renewable energy roadmap in collaboration with IRENA.
- “Renewable Energy Roadmap for Nigeria” was created in partnership with the Nigerian Energy Commission.
To help the nation of Nigeria meet its energy needs, the Nigerian government and the International Renewable Energy Agency (IRENA) have created the Renewable Energy Roadmap (Remap) Nigeria. According to a recent IRENA report, Nigeria could simultaneously meet 60% of its energy demands through renewable sources in 2050, saving 40% on natural gas and 65% on oil requirements.
A sustainable energy mix and addressing the nation’s expanding demands depend on renewable energy technology, as shown by the “Renewable Energy Roadmap for Nigeria”, which was created in partnership with the Nigerian Energy Commission.
Nigeria needs sustainable energy sources to meet the rising demands of all economic sectors and attain universal access to current energy services in light of its rapidly expanding population and socioeconomic issues.
According to IRENA’s assessment, Nigeria can meet 47% of its primary energy needs with renewable energy by 2030 and 57% by 2050. By nearly doubling by 2050, electrification will significantly increase the proportion of renewable energy in total energy use. Investing in renewable energy sources will be more cost-effective than the conventional route. Investment costs in the Energy Transition Scenario by IRENA are lower than those under planned policies; they are $1.22 trillion and $1.24 trillion, respectively. This translates to $35 billion as opposed to $36 billion annually.
To avoid making long-term, locked-in fossil fuel infrastructure investments like natural gas pipelines, advancing the energy transition necessitates shifting and scaling-up assets. By 2050, significantly less use of natural gas and oil compared to planned policies would have profound implications for infrastructure investment in fossil fuels, increasing the risk of stranded assets.