Nigeria requires $410bn for energy transition

The Federal Government says Nigeria requires $410 billion to achieve its energy transition plan by 2060 and to address challenges and policy flexibility in the sector.

The Minister of State for Petroleum Resources, Timipre Sylva, said this at the 7th Meeting of the National Council on Hydrocarbons in Minna.

The News Agency of Nigeria reports that the theme of the meeting was, “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria.”

Sylva, who was represented by the Ministry’s Permanent Secretary, Gabriel Aduda, said that Nigeria was committed to achieving carbon neutrality.

“This will end energy poverty as it will lift 100 million people out of poverty and drive economic growth forward.”

The minister of state said the country, through the Solid Minerals Development Fund, was on the verge of unveiling a cutting-edge technology in gold mining.

He said that to this end, the federal government had received 34 Memoranda of Understanding.

Sylva said seven were merged and 11 were stepped down, adding that the memos had been presented to the council for consideration.

He praised Niger State for its large quantity of solid mineral resources and hydrocarbon deposits in commercial quantities.

NAN reports that the three-day meeting is being attended by stakeholders in the oil and gas sector, hydro, energy, academia, and security, as well as traditional leaders.

GOGAN TV