Osinbajo calls for investments in Nigeria’s renewable energy scheme

Vice-President Yemi Osinbajo says there are unique investment opportunities in Nigeria’s renewable energy scheme, aimed at electrifying five million homes with solar energy.

Osinbajo said this while delivering a special address at the virtual edition of the 2022 World Economic Forum on Friday.

He said the country needs assistance from the World Economic Forum and other partners in attracting renewable energy investments.

“So for us, renewable energy is absolutely important, and we have several major schemes, programmes around renewable energy. One of the major parts of our economic sustainability plan is the connection of five million homes to solar power and that, of course, we’ve rolled out in the past twelve months, and we intend to achieve those targets,” he said.

“Which means of course that we will require more investments, especially for renewable energy and we think that the World Economic Forum and our partners can be helpful in attracting renewable energy investments in Nigeria, especially the manufacture of, for instance, the components of solar panels and several of the other solar equipment.

“We think that there is a unique opportunity now with the programme that we are implementing, which is the solar connection for five million homes in the first phase. We think the opportunities are there, and we are also providing some depth for those who wish to do business in that particular respect or wish to invest in renewable energy in Nigeria, especially as part of this programme.”

He further advocated for the use of gas as a transition fuel for Africa’s developing economies, adding that the continent would need to continue attracting gas investments for an effective transition.

He added that Africa would suffer not just from the deficit in climate change but also in its economic development if international finance institutions defund gas projects, 

“And really what it is, is that for many African countries, especially the gas-rich African countries, one of the biggest shocks is the notion that fossil fuel including gas should be defunded. We think that gas as a transition fuel is absolutely crucial not just for effective transition but also for our economies,” he added.

“I think that we are faced with two challenges, the climate change challenge and of course economic development, and so for us, gas as transition fuel is, without doubt, the only pathway.

“This is why for us that we are able to continue to attract gas investment and we wouldn’t mind that we use gas of being able to transit from some of the more hazardous fuels such as coal and heavy fuels, heavy oil and all of that; and we think that unless we are assisted in ensuring that this is done, of course, we may suffer not just from the deficit in our promises for climate change but more importantly in economic development.”

The vice-president reassured Nigeria’s commitment to achieving net-zero emissions by 2060, adding that Nigeria is the first in Africa to have developed an energy transition plan to be launched in a few weeks.

“On our part, there is a commitment to ensuring net zero emissions by 2060 but we also think that that should be matched with an equal commitment to ensuring that the economies of countries like ours do not suffer on account of the transition to net-zero.

“And I also want to mention that we are probably the first country I think most certainly in Africa to develop an energy transition plan and to cost that energy transition plan, that we’ve done and we are about to launch that plan in the next couple of weeks.”