Nigeria is committed towards achieving universal energy access by the year 2060 and is working with relevant stakeholders across board to realise this objective.
The Minister of Power, Chief Adebayo Adelabu disclosed this in his remarks on Wednesday, 4 September, 2024, while addressing Chinese investors and business men at the 1st China-Nigeria Economic Cooperation and Trade Conference, Beijing 2024. The Minister was part of the entourage of President Bola Ahmed Tinubu to the ongoing Africa-China Cooperation Summit in Beijing, China.
He said the country has a short-term target to attain 30GW of grid energy supply by 2030, and a long-term goal of universal energy access.
According to the Minister, the targets present an opportunity for further partnership between the Chinese investment community and the Federal Republic of Nigeria to increase cleaner and more sustainable energy solutions penetration as Nigeria strives to achieve energy security and meet the demands of the growing economy.
“I am pleased to speak to you today at this forum focused on exploring the further areas of collaboration between the Federal Republic of Nigeria and the People’s Republic of China.
“This is a partnership that spans decades with notable achievements across the power sector value chain in line with Nigeria’s goal of energy sustainability and economic development.
“In Nigeria, we are committed to achieving universal energy access by 2060, with a short-term target under our vision 30:30:30 to attain 30GW of grid energy supply with a 30 percent Renewable Energy mix by 2030, and a long-term goal of universal energy access. These targets present an opportunity for further partnership between the Chinese investment community and the Federal Republic of Nigeria to increase cleaner and more sustainable energy solutions penetration as we strive to achieve energy security and meet the demands of our growing economy.
“To achieve this objective, the Federal Government of Nigeria has implemented a multi-pronged approach designed to tackle issues across the Nigeria Electricity Supply Industry value chain and set the sector on a path to recovery and prosperity”, he said.
The minister outlined measures that have been put in place to achieves these measures.
“We have streamlined legislative and policy processes to reduce bureaucratic red tape and encourage active participation from subnational entities, thereby fostering investment and project execution.
“We are leveraging both public and private funds to de-risk project investments and attract more substantial financial commitments, enabling larger and faster project rollouts.
“We are embracing technology and innovation to help investors identify optimal investment opportunities.
“We have initiated a national program to fast-track infrastructure development aimed at building a robust and resilient grid network.
“And lastly, we are fostering strategic partnerships and collaborations with investment communities and development partners to leverage global expertise, share resources, and co-invest in the energy sector”, he said.
He added: “I believe this Nigeria – China Economic Forum presents a great opportunity for us to firm up on our existing areas of collaboration and explore additional opportunities for shared posterity”.
