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  • News - North Central - FCT
  • Updated: April 04, 2024

Nigeria allocates €48 million to Energy Support Initiative

Nigeria allocates €48 million to Energy Support Initiative

Joshua Yari, the component lead of the Enabling Environment Nigerian Energy Support Programme (NESP), revealed that Nigeria has allocated €48 million for the second phase of its Energy Support Programme.

Yari made this announcement on Wednesday during a one-day Energy Summit held in Abuja. The summit was organized by the Energy Commission of Nigeria (ECN) in collaboration with Abloom Trust Nigeria Ltd.

According to Yari, the programme is being co-funded by the European Union and the German Federal Ministry for Economic Cooperation and Development. He also mentioned that the Nigerian government plans to invest approximately €19 million in the third phase of the NESP.

“The World Bank with the Nigerian Electrification Programme is bringing in $750 million to support the Nigerian government in terms of integration of renewable energy and energy efficiency, especially in the rural areas,’’ he said.

According to News Agency of Nigeria, Yari explained that the energy transition plan had five focal areas: creating an enabling environment to support and foster investments within Nigeria.

Yari stated, “This means that one key aspect of improving investments is partnerships between governments, the private sector and the international development community.

“This administration has been clamouring for partnerships, especially the inclusion of the private sector in terms of investment. We hope to see the private sector come in to play a key role in implementing the focal areas of the Energy Transition Plan.”

The director-general of ECN, Mustapha Abdullahi, said collaborating with stakeholders was crucial to achieving the country’s energy transition goals.

Abdullahi said the collaboration would provide the avenue for robust discussions, knowledge sharing, and formulation of actionable policy recommendations to guide the country’s energy transition journey.

He said Nigeria must address challenges such as investment barriers, grid integration issues, robust policy frameworks and some hurdles of energy transition goals.

The director-general added that some solutions included innovative policy measures, regulatory reforms, and investments in grid modernisation to address the challenges and pave the way for a sustainable energy transition.

“It is imperative that we come together to explore opportunities and address these challenges. The energy transition is not merely a buzzword. It is a fundamental shift in our approach to energy production and consumption.

“I am confident that your insights and contributions at this summit will inspire us into exploring innovative solutions, sustainable, and resilient energy future for our nation,” he said.

Ogbugo Ukoha, executive director of the Nigerian Mainstream and Downstream Petroleum Regulatory Authority (NMDPRA), said the environment’s impact was promising as Nigeria migrated from heavy petrol consumption to optimising gas utilisation in the country.

“We extend our collaboration and hands of fellowship and look forward to paving a pathway to the development that we are all looking forward to,” he said. 

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