By Jennete Ugo Anya
The Ministry of Power, representing the federal government, disclosed plans to generate a substantial $23 billion from investment opportunities in the Electricity Transition Plan (ETP).
Honourable Minister of Power, Mr. Adebayo Adelabu, shared this information at the 2nd German-Nigerian Symposium on Green Hydrogen, emphasising the potential for significant investments in solar energy, green hydrogen, and electric vehicles.
Mr. Adelabu highlighted the need for $1.9 trillion to achieve Nigeria’s Net Zero by 2060, with an additional $410 billion above standard expenditures, equivalent to around $10 billion annually.
Beyond revenue, the initiative is projected to create 340,000 jobs by 2030 and 840,000 jobs by 2060, particularly in the power, cooking, and transport sectors.
The Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), Mr. Ogbonnaya Orji, highlighted at an event that Nigeria’s gas holds the potential for producing blue hydrogen—a less clean but valuable resource in the nation’s pursuit of cleaner energy.
Mr. Orji expressed concerns about Nigeria’s struggle to establish an efficient gas commercialisation and utilisation policy, citing NEITI’s report revealing over $8.2 billion in unremitted revenue.
This included $559.8 million in outstanding gas royalty and an additional $828.8 million from unpaid gas flare penalties, indicating a significant challenge to the global zero emissions agenda.
He emphasised NEITI’s collaboration with the Nigerian Upstream Petroleum Regulatory Commission(NUPRC) to enhance transparency and implementation of the gas commercialisation policy.
Mr. Markus Wagner, the Country Director of GIZ Nigeria and Economic Community of West African States (ECOWAS), stressed the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth.
