Osinbajo: Nigeria needs $1trn investment to modernise energy infrastructure

Vice-President Yemi Osinbajo says Nigeria needs about $1 trillion investment to modernise its energy infrastructure.

Osinbajo said this on Thursday while declaring open the National Energy and Climate Change summit at the state house conference center in Abuja.

Represented by Ogbonnaya Onu, minister of science and technology, the vice-president said the Buhari administration was doing a lot to attract both domestic and foreign-direct investment into the energy sector.

He added that the nation’s energy and its policies were not only geared towards energy supply security but to also mitigate global warming.

“This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection,” he said.

“I am hopeful that at the end of your deliberations, you will be able to provide solutions towards improving sustainable energy supply and access in the country. I am happy that the International Energy Charter (IECh), a reputable inter-governmental energy organization that has the main objective of promoting multi-lateral framework for cross-border cooperation in the field of energy development is here with us.

“I recall, the ceremony last year in this same hall, when the honourable minister of science and technology signed on behalf of Nigeria, the international energy charter political declaration after obtaining the approval of the president.

“Nigeria then joined the International Energy Charter (IECh) as an observer member state. I also recall that the Energy Commission of Nigeria immediately signed a memorandum of understanding (MoU) with the IECh secretariat in order to promote such activities that will be beneficial to our dear country.

“Following this, a study of the Energy Investment Risk Assessment (EIRA) for Nigeria has been completed; the report, which has just been presented to us. I am happy that the assessment, which featured four (4) performance indicators, has scored our energy investment risks as moderate.”