In a bid to reduce dependence on the national grid and enhance the overall stability and sustainability of the nation’s energy infrastructure, the Federal Government has announced plans to secure a total investment of $122.2bn.
This investment will be raised between 2024 and 2045, representing a 21-year period, and will focus on diversifying energy sources beyond the current reliance on hydropower and gas-fired thermal plants.
The investment plan, which is part of the newly released 2024 Nigeria Integrated Resource Plan and the National Integrated Electricity Policy, aims to promote the utilization of more renewable energy sources to reflect a more environmentally sustainable energy mix for electricity generation.
The investment plan has several key objectives, including:
– Diversifying energy sources to reduce dependence on the national grid
– Enhancing the overall stability and sustainability of the nation’s energy infrastructure
– Promoting the utilization of more renewable energy sources
– Improving transmission capacity nationwide
– Enhancing energy sustainability and reducing carbon emissions
The investment plan will be broken down into several key areas, including:
– Solar Photovoltaic Technology: $56bn
– Hydroelectric Power Projects: $39bn
– Natural Gas Projects: $16bn
– Gas Projects with Carbon Capture: $6bn-
Energy Storage Initiatives: $3bn
The plan aims to reach a total of 194 gigawatts installed capacity, consisting of 111 gigawatts inclusive of storage by 2045. This will be achieved through a combination of renewable energy sources, including solar, wind, and hydroelectric power.
The transition to renewable energy sources is complex and faces various challenges, including technological, environmental, societal, economic, and geopolitical issues. However, with careful planning and investment, Nigeria can overcome these challenges and create a more sustainable energy future.
According to the International Energy Agency (IEA), Nigeria has the potential to become a major player in the global renewable energy market. The country has abundant renewable energy resources, including solar, wind, and hydroelectric power, which can be harnessed to meet its energy needs.
The investment plan is a significant step towards achieving this goal and promoting sustainable energy development in Nigeria. With the right policies and investments in place, Nigeria can reduce its dependence on fossil fuels, mitigate climate change, and create a more sustainable energy future for generations to come.
The Federal Government’s $122bn investment plan to diversify energy sources is a significant step towards promoting sustainable energy development in Nigeria. The plan has the potential to reduce the country’s dependence on fossil fuels, mitigate climate change, and create a more sustainable energy future.
With careful planning and investment, Nigeria can overcome the challenges of transitioning to renewable energy sources and become a major player in the global renewable energy market.