Renewable energy can solve 60% of Nigeria’s energy demand by 2050: Report

2023-03-16 21:40:10
Renewable energy can solve 60% of Nigeria’s energy demand by 2050: 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) to coincide with the opening of Abu Dhabi Sustainability Week – 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.”

Call for increased electrification

The report presents 18 key actions needed across the power, buildings, transport, industry and agriculture sectors to achieve the goals set out in the TES.

Existing financing mechanisms in the power sector should be improved and further regulatory options should be explored – the report says that despite the demonstrated benefits of renewables, the adoption of renewable energy technologies in Nigeria is still growing at a slow pace compared with countries such as Egypt, Kenya and South Africa.

It also says that advancing the energy transition requires a shift and scaling-up of investments in the short term to avoid locked-in fossil fuel infrastructure investments with long lifetimes, such as natural gas pipelines.

The report highlights the need for Nigeria to invest heavily in electrification. Under the TES, electrification would play a significant role in achieving the 60% renewable energy share, with its share in final energy use nearly doubling from 2015 levels by 2050.

Nigeria must improve upon existing efforts to promote clean cooking and access to modern forms of energy. The report says traditional bioenergy plays a large role in the energy sector of Nigeria, meeting nearly half of the final energy consumption in 2015. Achieving universal energy access by 2030 would have the potential to alter the final energy demand composition of Nigeria.

The report also notes that Nigeria must quickly begin to adopt biofuels and electric vehicles (EVs) in addition to boosting the role for public transportation. Nigeria’s energy consumption is expected to increase due to a rising population and improvements in the socioeconomic life of the people.

Source: African Business


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