Vice President Yemi Osinbajo has disclosed that Nigeria requires about $1 trillion investment to modernize and revamp the energy infrastructure in the country.
This was even as the European Union (EU) commended the Muhammadu Buhari?s administration policies to promote the use of renewable energy technology in the overall energy mix of the country.
The EU promised its continued support in ensuring that those without energy access get connected in the shortest possible time.
Osinbajo made the disclosure on Thursday, while declaring open the National Energy and Climate Change summit at the State House Conference Center, Presidential Villa, Abuja.
According to the Vice President, the Buhari administration was doing a lot to attract both domestic and foreign-direct investment into the energy sector, adding that the nation?s energy and energy-related policies were not only geared towards energy supply security but to also mitigate global warming.
Osinbajo, represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, while commending the Energy Commission of Nigeria (ECN) and the Federal Ministry of Science and Technology, for organizing the summit, said the government has shown transparency and openness in governance to support private investment.
This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection.
I am happy that this Summit is taking place at a time that FMST is working hard to help move our economy away from being resource based to an economy that is knowledge based and innovation driven.
I am hopeful that at the end of your deliberations, you will be able to provide solutions towards improving sustainable energy supply and access in the country.
I am happy that the International Energy Charter (IECh), a reputable inter-governmental energy organization that has the main objective of promoting multi-lateral framework for cross-border cooperation in the field of energy development is here with us.
I recall the ceremony last year in this same hall, when the Minister of Science and Technology signed on behalf of Nigeria, the International Energy Charter political declaration after obtaining the approval of the President.
Nigeria then joined the International Energy Charter (IECh) as an Observer Member State. I also recall that the Energy Commission of Nigeria immediately signed a Memorandum of Understanding (MoU) with the IECh Secretariat in order to promote such activities that will be beneficial to our dear country.
Following this, a study of the Energy Investment Risk Assessment (EIRA) for Nigeria has been completed; the report, which has just been presented to us. I am happy that the assessment, which featured four (4) performance indicators, has scored our energy investment risks as moderate.
This is challenging in view of the huge investment of about one trillion US dollars required to modernize our energy infrastructure in twenty-nine years between 2014 and 2043.
The government is doing a lot to attract both domestic and foreign-direct investment into the energy sector.
The Vice President added that, ?Our energy and energy-related policies are not only geared towards energy supply security but to also mitigate global warming. Our nationally determined contributions (NDCs) to the Paris Climate Protocol are robust.
To further support private investment, we have increased transparency and openness in governance, instituted several executive orders to remove bottlenecks in business registration and permits, etc.