Vice President Yemi Osinbajo has called on private sector to wake up and fully participate in Nigeria’ transition to green energy that is crucial in helping the country to achieve its objectives in the implementation of its Energy Transition Plan.
“The Private sector must up its participation in the transition to Green energy journey,” Prof. Osinbajo stated, adding that this includes “greater involvement in the crucial conversations about what an economically just transition to zero emissions should be,” he said.
Professor Osinbajo, who spoke in Lagos at the 60th Anniversary Dinner of the Oil Producers Trade Section (OPTS) of the Lagos Chamber of Commerce and Industry (LCCI), highlighted the Energy Transition Plan as “a comprehensive, data-driven and evidence-based plan, designed to deal with the twin crises of climate change and energy poverty.”
The Vice President, who spoke on: “Nigeria: Transitioning to Green Energy,”, said: “we anchored the plan on key objectives, including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population and managing the expected long-term job loss in the oil sector due to global decarbonization.
He emphasized the need for more private sector participation in the Energy Transition Plan implementation, adding that the off-grid Solar space in Nigeria is becoming one of the most exciting in the world.
According to the Vice President “we have programmes such as the Federal Government of Nigeria’s Solar Power Naija (under its Economic Sustainability Plan), the Nigerian Electrification Programme with the World Bank Group and the African Development Bank, and also the Rural Electrification Fund providing almost $1 billion in financing and subsidies to drive 10 million connections. We are also working on clear guidelines for on-grid Solar before COP-27 to initially provide the structure for the rollout of at least 1,000MW.”
He said that the private sector should also get involved in climate finance, especially the voluntary carbon markets, among others.
Professor Osinbajo advised the OPTS to take the lead in Solar to help drive improvements in our energy mix and also accelerate the transition to having “energy” companies, not just oil companies.
“We are particularly pleased with the good work that All-On and Konexa have been doing all with funding from Shell (a key OPTS member). We also have NNPC partnering with the Rural Electrification Agency to rollout Solar Mini-grids and Solar Home Systems across the country.”