Vice President Kashim Shettima has emphasized the necessity of collaboration between local and international partners to implement Nigeria’s Energy Transition plan effectively.
Speaking at the Energy Transition Symposium in Abuja, organized by the Development Agenda Magazine, Shettima highlighted the challenges and opportunities inherent in transitioning to cleaner energy sources while addressing environmental concerns.
Represented by the Special Adviser to the President on Power and Infrastructure, Sadiq Wanka, Vice President Shettima reiterated the government’s commitment to creating an enabling environment for oil and gas investments.
He mentioned recent executive orders signed by the President to incentivize the development of greenfield non-associated gas fields and streamline contracting processes to align with global standards.
However, Shettima acknowledged the complexity of fully implementing the Energy Transition plan, stressing the need for concerted efforts and international collaboration to mobilize financing and prepare the Nigerian workforce for a Net-Zero economy.
He also noted the significant funding required, estimated at over $10 billion annually until 2060, with a substantial portion expected from private sector investments and carbon markets.
On his part, Governor Uba Sani of Kaduna State, represented by Engr. Idris Aminu Idris, Managing Director of Kaduna Power Supply Company (KAPSCO), called attention to the importance of delivering affordable, reliable, and sustainable energy for national growth and development.
He further harped on the role of subnational governments in collaborating with the federal government and the private sector to achieve sustainable energy practices.
Recall that the President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, recently announced that Nigeria is a major beneficiary, accounting for nearly 60% of the bank’s $30 billion funding in the energy sector in Africa.
Oramah made these remarks at the 7th Nigeria International Energy Summit (NIES 2024) in Abuja.
Addressing the summit on “Sustainable Strategies for Energy Leadership: Navigating Security, Transition, and Finance in a Changing World,” Oramah also acknowledged Africa’s need for established traditional energy infrastructure, noting that it presents an opportunity to leap directly into adopting more efficient renewable energy solutions.
