The Vice-President Yemi Osinbajo has described the country’s energy transition plan as “bold and innovative.”
Osinbajo said this when he declared open the exhibition of the ongoing 2023 Nigeria International Energy Summit (NIES) at the International Conference Centre, on Tuesday in Abuja.
“Our energy transition plan is bold and innovative, it calls for the ramping up of solar cells and we are going to be doing 5.3 giga watts per year until 2060, and we think the plan is perfectly achievable,” he said.
Osinbajo said efforts had been geared towards developing the energy sector to ensure the country’s energy plan transited smoothly to renewables.
“The production of over 6 billion litres of bio fuels annually to green is the part to e-mobility and the transition of at least 2 million Nigerian households annually to cleaner cooking fuel such as LPG and electricity every single year.
“I think these ambitions are achievable if we set our minds to it.
“We are also part of the important initiatives around carbon trading and I believe that this holds important opportunity for those of us in the oil and gas sector.
“I have in the past year been working with a dedicated team of individuals and companies named ‘The African Carbon Market Initiative’ and the point of this committee is to open up the tremendous potential in carbon market trading.
“This is something we need to work on seriously and we have the Nigerian Carbon Market Initiative; we think that it is a win-win for everyone especially the oil and gas sector because of the carbon market trading opportunities in the sector.
“Also barely two weeks ago, the Nigerian Sovereign Investment Fund and its partner launched the ‘Carbon Vista Joint Venture Fund’ that will invest in carbon emission reduction projects in Nigeria and promote the Nigerian Carbon Market Initiative,” Osinbajo said.
According to the Vice-President, the initial fund is for 50 million dollars and that stakeholders in the industry have been challenged to put more money into that purse so that the set objectives can be achieved.
He urged the private sector to articulate its own sustainable energy ambitions in alignment with the energy transition plan of the federal government.
This, he said, would enhance the cooperation and joint venture between government and the private sector in the oil and gas sector.
“It is the energy sector working with government that can muster the human and material resources and move the needle on this kind of ambition.
“Honestly, Africa is the place where we can sensibly and economically go ahead with green civilisation, nowhere else has that potential.
“Everywhere else today, we are the lowest emitters today and because we are the lowest emitters and possibly some of the largest natural resources that will aid that journey.
“We can be much more effective and we can do more in developing our own agenda for a great future more than starting that journey elsewhere.
“The greatest emitters in the world are the global north countries, so if you are going to do anything on a green energy future, you start from a low emission base and that low emission base is here in Africa.
“We have the natural resources to do so. So, if we focus on those natural resources, we will move very fast and I think we have started well,” he added.