Oil & Gas

Nigeria needs to spend $410bn to address energy constraints, deliver transition plan – FG

Federal government has said that the country requires $410 billion with $10 billion per annum to address the nation’s energy constraint and policy flexibility as well as achieve Nigeria’s transition plan by 2060.


Minister of state for Petroleum Resources, Timipre Sylva made the disclosure on Thursday at the 7th Meeting of the National Council on Hydrocarbons, themed: “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria”.


At the meeting which held in Minna the Niger State Capital, Mr Sylva said the gathering which brings together experts and policy makers in the energy sector, was designed to discuss and review energy related issues, identify opportunities and proffers solutions to inherent problems in line with global best practices.


Represented by the ministry’s permanent secretary, Gebriel Tanimu Aduda, the minister noted that Nigeria is committed to achieving carbon neutrality, end energy poverty by lifting 100 million people out of poverty and drive economic growth.


He further stated that Nigeria will be one of the 50 countries to have launched its guidelines for the management of fugitive methane and greenhouse gases emissions in the upstream oil and gas sector latest this year.


According to him, the country through the Solid Minerals Development Fund is on the verge of unveiling it cutting edge technology in gold mining to eliminate harmful reagents, use of cyanide for a human and environmentally friendly practices.


Mr Sylva revealed that 34 memorandums have been received, 7 were merged while 11 were stepped down. He added that the memos were presented to the council for consideration with the knowledge that Niger State has large quantity of solid mineral resources and hydrocarbons deposit in commercial quantity.


In his remark, the Niger State Governor, Abubaekar Bello reaffirmed that the state has commercial deposits of hydrocarbons in Bida Basin, noting that this is further verified by the progressive reports and findings of the consultants from IBBU Lapai and FUT Minna.


The governor who was represented by the Secretary to the State Government, Ahmed Matane, urged the government to show more political will, he also appealed to the relevant agencies to expedite actions on the exploration in the Bida Basin for optimal benefits.


He explained that the Niger State will provide lands for infrastructural investments, ease of doing business and adequate security in the LPG industry, adding that state tax holidays and other fiscal incentives will be provided for private sector participation, as well as developing a comprehensive Niger State energy policy among other things.







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