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The Energy Commission of Nigeria has said the country needs about $4bn in investments to completely depend on renewable energy and go green by 2050.
This was as it unveiled plans to work with investors to deploy wind and solar power plants to assist with energy generation and the country’s move towards greener energy generation.
The commission’s Director General/Chief Executive Office, Dr. Mustapha Abdullahi, made this known at a press briefing organised by the commission on media promotion and sensitisation campaign on clean and renewable energy and energy efficiency use in Nigeria on Friday in Abuja.
He said Nigeria has already pledged to move from using fossil fuels to greener energy sources in line with global standards, adding that the commission was working with investors in the sector to install renewable energy plants starting from the Federal Capital Territory.
He said, “Nigeria has already pledged to diversify and to move from fossil fuel to a greener energy source. And in doing so, there is no country that depends on its resources to build any renewable energy generation plants.
“But what we do is to enable an environment that gives an enabled business-friendly society. So what we are doing in that regard is to create plans and policies that attract investment in renewable energy generation.
“And it will interest to note that we have conducted an analysis to know the funds that will move us there. We are aware that for us to go green and fully green by 2050, we will require about $4 billion to do that.”
According to him, although the government is aware that the move would be capital intensive and prepared to go the extra mile to achieve this objective.
He said, “The country has already pledged to move from the use of fossil fuel to the greener energy sources, in doing so there is no country that relies mainly on its resources in building its renewable energy sources, so we are creating the environment that attracts investments in renewable energy generation.
“We are in talks with some investors and beginning from the Federal Capital Territory. We are beginning at the 900 hectares of land called the Abuja Technology Village which we want to rename the green Abuja Technology City, where we would be deploying green solar and wind plant systems. We are in talks with the Ministry and the FCT to see that we make it into a city where investors would come and build several solar and wind-generating plants.
“The Energy Commission of Nigeria is committed to driving positive change in the energy landscape of our nation and promoting sustainable energy practices for a cleaner and greener future. Nigeria, as a nation rich in diverse energy resources, has a unique opportunity to lead the transition towards clean and renewable energy solutions.
“The promotion of energy efficiency practices and the adoption of sustainable energy sources are crucial steps in combating climate change, ensuring energy security, and fostering economic growth.”
Recently, Nigerians have been thrown into darkness following the heavy vandalisation of power transmission equipments nationwide.
The prospects of renewable energy mean citizens can depend on alternative sources to meet their daily power needs without causing harm to the environment.
