Nigeria seeks US $1tr to modernize its energy infrastructure

A whopping US $1tr is needed by the Nigerian Government to help modernize its energy infrastructure. This was confirmed by Vice President Yemi Osinbajo during the opening ceremony of the National Energy and Climate Change summit at State House.

Osinbajo, who was represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, said the federal government was doing a lot to attract both domestic and foreign direct investment into the energy sector to meet the required investment.

“We are convinced that this will help us to create more jobs, create additional wealth and reduced poverty in our country. We would like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No.5,” Osinbajo said.

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Energy Investment Risk Assessment

The presentation of the report on the study of the Energy Investment Risk Assessment (EIRA) for Nigeria scored Nigeria Energy Investment Risk as moderate. All stakeholders were called upon to study the report and come up with recommendations that will enhance the investment climate in the country’s energy sector.

The head of European Union (EU) cooperation to Nigeria, Kurt Cornelis said the EU has committed an envelope of US $173m to support Nigeria through several projects across the electricity value chain in the country.

Director General of the Energy Commission of Nigeria (ECN), Professor Eli Bala Jidere said the summit was conceived to address the investment requirement in the country’s energy sector.

The government pointed out that the money was required in 29 years, between now and 2043 to make the dream a reality.