The Federal Government of Nigeria is committed to achieving net zero carbon emission by 2060, according to the Permanent Secretary of the Federal Ministry of Power, Temitope Fashedemi. This ambitious goal relies on the successful implementation of Nigeria’s Energy Transition Plan (ETP), launched in 2022.
At the 8th Nigeria Energy Forum (NEF), various industry leaders expressed support for the country’s energy transition. The recent signing of the Electricity Act, 2023 by President Bola Tinubu is expected to boost sustainable energy exploitation from Nigeria’s abundant resources, driving industrialization and economic growth.
The United States Consulate General in Lagos, Mr. Will Stevens, highlighted Nigeria’s significant role in the US Department of Energy’s global initiative. With 33% of Africa’s total gas reserves, Nigeria has the potential to provide natural gas for the entire continent, given the right financing, infrastructure, and partnerships.
Industry players like Sahara Group and Johnvents are taking concrete steps towards the energy transition. Sahara Group is establishing an industrial park at the Egbin power station to enhance industrialization and stable electricity supply, while Johnvents is installing a 3,000-kilowatt gas generator fleet to power industrial facilities.
NEF2023 focuses on key policy changes, including fuel subsidy removal, foreign exchange unification, and electricity sector devolution, creating an environment conducive to boosting investor confidence and rebuilding cross-sector trust.
With these efforts, Nigeria aims to embrace green energy solutions and foster sustainable growth for the nation.