- FG estimates $60 billion to service Sub-Saharan Africa’s energy needs.
- Timipre Sylva, Minister of State for Petroleum Resources, calls for maximum effort in achieving the 2030 goal.
The Federal Government of Nigeria has estimated that Sub-Saharan Africa would need about $60 billion to have electricity, energy supply, and clean food processing between now and 2030.
Timipre Sylva, Minister of State for Petroleum Resources, announced this during the Petroleum Engineers (LPE) annual Symposium and Exhibition in Lagos. He stated that a $35 billion yearly investment could provide power to 759 million Africans who do not now have it. He went on to say that an additional $25 billion per year could enable 2.6 billion people throughout the world to gain access to clean cooking by 2030.
“Annual investments of around $35 billion could bring electricity access for 759 million people who currently lack it, and $25 billion a year can help 2.6 billion people gain access to clean cooking between now and 2030,” he said.
“We must have a clear mandate and one voice on how we will meet our emissions targets. China has said that by 2060, it will achieve carbon neutrality. Europe has set its target for 2025. Africa needs to do this, as well.”
Despite accounting for less than 6% of world energy use and 2% of total global emissions, Sylva feels the continent must shift to sustainable energy. Africa, according to Sylva, has the potential to play a significant role in this area due to its sizeable unexplored fossil energy deposits, which might attract more foreign direct investment and export money.
Nigeria, however, has the most extensive natural resources in Africa, with roughly 208.62 trillion cubic feet (Tcf) of proven gas valued at over $803.9 trillion and a potential upside of 600TCF of gas, according to the minister.
The Petroleum Industry Act (PIA), according to Sylva, is a game-changer that would help Africa overcome its energy difficulties. However, the minister underlined that multiple approaches to net-zero energy by 2060 must be available to ensure that no country is left behind.
“As a continent, we must deliberate developing hydrocarbon resources in environmentally and socially acceptable ways,” Sylva said.