Renewables can solve 60% of Nigeria’s energy demand: Report

2023-01-16 21:07:48
Renewables can solve 60% of Nigeria’s energy demand: Report

Nearly 60% of Nigeria’s energy demand in 2050 can be met with renewable energy sources, saving 40% in natural gas and 65% in oil needs at the same time, according to the Renewable Energy Roadmap Nigeria report.

The report – released on 13 January by the International Renewable Energy Agency (IRENA) – reveals Nigeria must invest in sustainable energy sources to meet the growing needs of all the sectors of its economy and achieve universal access to modern energy services.

Conducted in collaboration with the Energy Commission of Nigeria, the report contrasts what would occur under current and planned policies (the Planned Energy Scenario) with an increased renewable uptake scenario, named the Transforming Energy Scenario (TES).

Investment in renewables will be more cost-effective than the conventional pathway. The TES has lower investment costs than planned policies – $1.22 trillion compared to $1.24 trillion respectively. This corresponds to $35bn versus $36bn per year.

IRENA’s director-general, Francesco La Camera commented: “By using its abundant, untapped renewables, Nigeria can provide sustainable energy for all its citizens in a cost-effective manner.

Nigeria has a unique opportunity to develop a sustainable energy system based on renewables that support socioeconomic recovery and development while addressing climate challenges and accomplishing energy security.”

According to him, “Accelerating the energy transition will require far-sighted choices, discipline and wise investments, backed by international co-operation and strong national planning in Nigeria.”

Source: African Business


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