Nigeria’s Minister of State for Power, Mr Goddy Jedy-Agba, has stated that the country requires over $400bn in investments to achieve universal energy access by 2030 and net-zero emission targets by 2050.
The Minister delivered a statement at the virtual conference of the Nigeria Energy Forum 2021, noted that a just energy transition for Nigeria would require the use of both clean energy and natural gas.
He added that the county has already developed its Energy Transition Plan on pathways for achieving universal access by 2030 and net-zero targets by 2050.
Also speaking at the conference, Wale Shonibare, Director, energy financial solutions, policy and regulation at the African Development Bank, stated that Africa’s ambition to reach universal access by 2030 would require a fivefold increase in power sector investment, especially in low-carbon generation and grid networks.
Shonibare added that the five countries with the most access deficit Nigeria, the Democratic Republic of Congo, Ethiopia, Tanzania and Uganda, represent 50 per cent of the continent’s deficit.
He expressed dismay that despite having 17 per cent of the world’s population, Africa accounts for only four per cent of global power supply investment, the lowest globally.
“Achieving universal access by 2030 requires a significant ramp-up in spending to over $100bn per year, with $51bn for transmission and distribution lines, $34bn for grid-generation and $17bn for off-grid systems,” Shonibare remarked.