Vice-President Yemi Osinbajo on Thursday said Nigeria needed about $1tn investment to modernise its energy infrastructure in 29 years.He noted that the report of a study of the Energy Investment Risk Assessment presented to the government recently rated the nation’s energy investment risks as moderate.
Osinbajo, who was represented by the Minister of Science and Technology, Dr Ogbonnaya Onu, spoke at the National Energy and Climate Change Summit held at the old Banquet Hall of the Presidential Villa, Abuja.
He said the huge investment needed was meant to fix energy infrastructure between 2014 and 2043.
The Vice-President stated that the government was making efforts to attract both local and foreign investments to the energy sector.
He expressed delight that the summit was taking place at a time the government was working hard to help move the nation’s economy away from being resource-based to an economy that was knowledge-based and innovation-driven.
He expressed the hope that at the end of the deliberations, participants would be able to provide solutions towards improving sustainable energy supply and access in the country.
Osinbajo said, “A study of the Energy Investment Risk Assessment for Nigeria has been completed, the report of which has just been presented to us. I am happy that the assessment, which featured four performance indicators, has scored our energy investment risks as moderate.
“This is challenging in view of the huge investment of about $1tn required to modernise our energy infrastructure in 29 years between 2014 and 2043.
“The government is doing a lot to attract both domestic and foreign direct investments into the energy sector.”
Osinbajo noted that Nigeria’s energy and energy-related policies were not only geared towards energy supply security, but to also mitigate global warming.
He described the country’s nationally determined contributions to the Paris Climate Protocol as robust.
Osinbajo added, “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.
“We are convinced that this will help us create more jobs, create additional wealth and reduce poverty in our country. We will like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No. 5.
“We sincerely appreciate the effort and expertise put in by the lECh to get the report presented today. We look forward to greater areas of cooperation as we gear up towards accession to the Energy Treaty.”
The Vice-President stated, “It is my hope that stakeholders will study the report and come up with recommendations that will enhance the investment climate in our energy sector.
“I am confident that this will guarantee adequate, reliable, cost-effective and environmentally acceptable energy supply for a diversified economy as articulated in the Economic Recovery and Growth Plan.”