Nigeria to electrify five million households by 2030
Nigeria is working on an ambitious Energy Plan towards reducing the energy shortcomings by year 2030. The plan includes the Government’s flagship project to electrify Five-Million households and Twenty-Million people using decentralized solar energy solutions. This was the submission of President Muhammadu Buhari in the High-Level Dialogue on Energy at the sidelines of the 76th United Nations General Assembly in New York.
Nigeria is working on an ambitious Energy Plan towards reducing the energy shortcomings by year 2030. The plan includes the Government’s flagship project to electrify Five-Million households and Twenty-Million people using decentralized solar energy solutions. This was the submission of President Muhammadu Buhari in the High-Level Dialogue on Energy at the sidelines of the 76th United Nations General Assembly in New York.
Nigeria has developed Energy Transition Plan, with the support of the UK COP26 Energy Transition Council. The plan has laid out the roadmap to reach net-zero and highlights the scale of the effort required, including the development and integration of renewables into current grid infrastructure at tremendous scale and electrification of all sectors. The plan also takes into account, the provision of access to electricity and clean cooking solutions for those currently without access.
According to the president, the scale of financing required for Nigeria to achieve this plan, amounts to over US$400 Billion across the Nigerian economy in excess of business-as-usual spending over the next thirty years. This breaks down to US155 Billion net spend on generation capacity, US$135 Billion on transmission and distribution infrastructure, US$75 Billion on buildings, US$21 Billion on industry and US$12 Billion on transport. This shows the magnitude of resource required to actualize this plan, and a huge opportunity for oil and gas investors.
