Two strategic documents released by the federal government will operate as a road map for Nigeria’s energy transition, efficiency, and dependability, supplying the country’s businesses with energy to drive economic growth and draw in foreign investment.
The Energy Commission of Nigeria (ECN) developed the revised versions of the National Energy Plan (NEP) and National Energy Master Plan (NEMP), which were introduced in Abuja on Wednesday. This is the first time that an energy policy document has been gazetted in the nation.
In addition to other dignitaries, Minister of Innovation, Science, and Technology Uche Nnaji was joined in unveiling the documents by Special Advisor on Energy to President Bola Tinubu, Minister of Water Resources and Sanitation Joseph Utsev (represented), Minister of State for Petroleum Resources (Gas) Ekperikpe Ekpo, and Director General of the ECN, Dr. Mustapha Abdullahi.
In his remarks, Minister Uche Nnaji mentioned that the federal government had issued two large bonds for $10.6 billion and $15 billion in the first and second tranches, respectively, in order to meet its energy targets.
The third tranche, which has a $50 billion threshold, he continued, is intended for projects that clearly preserve the environment and encourages the shift to low-carbon, climate-resilient growth, which encompasses both adaptation and mitigation of the effects of climate change.
“Undoubtedly, these lead to new investment opportunities under Nigeria’s energy transition plan,” he stated. “Investment opportunities can be explored by bond holders, beneficiaries, suppliers, manufacturers, and a host of other value chain activities.”
He continued by saying that the government’s policy orientation is now evident, well-documented, and highly significant for widespread use thanks to these gazettes. He pointed out that in addition to receiving formal recognition, it has been granted power and legitimacy by the government, which has encouraged compliance from both private enterprises and government organisations and institutions.
In an interview with reporters, ECN director general Abdullahi stated that the Commission will work with stakeholders to develop the plan that will ensure energy security.
“We have so many energy sources, and one of the main issues is ensuring energy efficiency,” he stated. We have also noted that the problem lies in how energy is used, not in how it is produced. Therefore, the documents show how to utilise and save energy most effectively.
Speaking during the launch, Verheijen stated that it was important because it demonstrated the government’s “determination to ensure energy sustainability,” noting that “energy forms the backbone of the society and economic growth.”
She pointed out that Nigeria has a great deal of potential to change the energy sector, despite obstacles like poor infrastructure and restricted access to electricity.
“To ensure dependable energy access for all Nigerians, we must adopt a holistic approach that prioritises energy resource diversification, energy efficiency, and availability in this sector,” the speaker stated.