25.1 C
Sunday, February 25, 2024

Nigeria unveils $23 billion investment opportunities in green energy transition plan

Minister of Power, Adebayo Adelabu, highlights significant prospects for solar energy, green hydrogen, and electric vehicles, targeting Net Zero by 2060

Must read

In a bid to propel Nigeria’s Energy Transition Plan (ETP) and foster sustainable development, the Federal Government has pinpointed investment opportunities totaling $23 billion. Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Minister of Power Adebayo Adelabu emphasized that these opportunities aligned with the ETP would not only bolster electric power for economic growth but also generate an estimated 340,000 jobs by 2030.

Adelabu outlined the transformative potential of the ETP, anticipating the creation of up to 840,000 jobs by 2060. This surge in employment opportunities would primarily emanate from the power, cooking, and transport sectors. Emphasizing the pivotal role of gas as a transition fuel, he underscored its significance in Nigeria’s net-zero pathway, particularly within the power and cooking sectors.

“The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles,” stated Adelabu. He highlighted the financial commitment required, with $1.9 trillion needed to guide Nigeria to Net Zero by 2060, including an additional $410 billion beyond regular spending.

Addressing the essence of gas as a transitional fuel, Ogbonnaya Orji, Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, noted its potential in producing blue hydrogen. Despite not being as environmentally clean as green hydrogen, it remains a crucial element in Nigeria’s journey towards cleaner energy sources.

The Ambassador of Germany to Nigeria, Annett Günther, affirmed the commitment of both nations to drive hydrogen production and usage. Referring to German Chancellor Olaf Scholz’s recent visit to Nigeria, Günther emphasized that their energy partnership extended beyond traditional fossil fuels to include hydrogen as the gas of the future.

Markus Wagner, Country Director of GIZ Nigeria and ECOWAS, stressed the transformative potential of green hydrogen in revolutionizing the energy landscape. Wagner highlighted the longstanding cooperation between Nigeria and Germany in the energy sector, emphasizing the shared commitment to driving positive change.

More articles


Please enter your comment!
Please enter your name here

Latest article