The Minister of State for Power, Goddy Jedy Agba has said that Nigeria requires $4bn to deepen access to renewable energy.
The Minister who spoke at a virtual global power sector conference, on Tuesday said an annual investment of $4bn is needed to deepen universal access to clean and renewable energy.
He said, “Our ambition is demonstrated by the recent removal of the fuel subsidy in Nigeria which now makes the off-grid sector more competitive.”
The Minister, who urged the global partners to support the Economic Sustainability Plan, said it is important to give access to the 85 million people using renewable sources to maintain Nigeria and Africa’s low contribution to carbon emission.
He stated that clean and renewable energy is the way to go for a sustained power sector reforms in the country.
The UN Secretary General Antonio Guterres, in his remarks noted that clean and renewable energy has become the global trend for power sector development.
Gluternes, stressed on the need for African countries to unbundle the usual grid supply which has been insufficient over the years, considering the amount needed to fund sustained supply of power.
According to him, the United Nations is prepared to give necessary support to stabilise the Nigerian power sector.
Also speaking at the conference, the President of African Development Bank, Dr Akunwumi Adesina, stated that the Bank will continue to support the power sector public private initiatives to ensure that there is stability in the power sector across African countries.
He said the bank has continued to formulate and implement power sector friendly policies in order to boost manufacturing, industrialization and the informal sector for sustainable growth and development.