by 2050, making it the third most populous country.Nigeria is a global flashpoint anytime the lack of energy access is discussed. With the instability of the national grid and slow expansion of energy access, ensuring that underserved and underserved communities are connected to an off-grid solution is germane.
With the 2030 deadline for the Sustainable Development Goals approaching, particularly for universal energy access, and in line with its climate goals, Nigeria has developed an Energy Transition Plan to achieve carbon neutrality by 2060. To realize this plan, Nigeria is seeking about $874 billion in funding.
With the country also heavily indebted, there is a need to address inherent bottlenecks and drive private investment into the renewable energy space to reduce the level of borrowing and allow the private sector to invest more into the renewable energy space. Aliyu, sharing feedback on the optimisation of blended finance at the REA, provided important insights into the sustainability of the renewable energy sector in Nigeria, especially emphasizing the need for improved local content in the energy sector.
While prioritizing the private sector, there is a need to strengthen existing relationships with agencies like the United Nations Industrial Development Organization, United Nations Development Programme, French Development Agency, United States Agency for Development and others, not only increasing deployment but boosting local capacity. Nigeria and other countries in Africa are usually below the leader when considering renewable energy jobs in the world.
Coming at a time when global finance for the climate is short-changing Africa, providing only $29 billion of the $653 billion in climate finance globally, UN Secretary-General, Antonio Guterres, said while the renewable revolution was unstoppable, there was a need to ensure the transition is fast and fair enough to limit the rise in global temperatures.
Renowned energy economist, Prof. Wunmi Iledare noted renewable energy investment as a critical component of a mixed energy strategy to reduce energy poverty in Nigeria. Electricity Market Consultant, Lanre Elatuyi noted that the country must do more in the evaluation and monitoring of renewable projects while ensuring that project developers are qualified with requisite manpower and technical expertise.