Nigeria to invest €19m in energy support programme

Agency Report

Nigeria would invest about 19 million Euros in the third phase of its Energy Support Programme.

The Energy Support Programme is co-funded by the European Union of the German Federal Ministry for Economic, Corporation and Development.

The Component Lead, Enabling Environment Nigerian Energy Support Programme (NESP), Mr. Joshua Yari Garba, who disclosed this on the sidelines of the one-day Energy Summit organised by Energy Commission of Nigeria (ECN) in collaboration with Abloom Trust Nigeria Ltd in Abuja on Wednesday, said 48 million Euros was invested in the second phase of the programme.

Garba also said that the World Bank in partnership with the Nigerian Electrification Programme would also support the Federal Government with $750 million in terms of integration of renewable energy and energy efficiency in the rural areas.

“The World Bank with the Nigerian Electrification Programme is bringing in 750 million dollars to support the Nigerian government in terms of integration of renewable energy and energy efficiency, especially in the rural areas,” he said.

He said the energy transition plan is expected to create an enabling environment to support and foster investments within Nigeria.

“This means that one key aspect of improving investments is partnerships between governments, private sector and the international development community

“This administration has been clamouring for partnerships, especially the inclusion of the private sector in terms of investment. We hope to see the private sector come in to play a key role in implementing the focal areas of the Energy Transition Plan,’’ he said.

In his remarks, Director-General, ECN, Dr Mustapha Abdullahi, said collaborating with stakeholders was crucial to achieving goals of energy transition in the country.

Abdullahi said collaboration would provide the avenue for robust discussions, knowledge sharing, and formulation of actionable policy recommendations to guide the country’s energy transition journey.

He said Nigeria must address challenges such as investment barriers, grid integration issues, robust policy frameworks and some hurdles of energy transition goals.

The director-general added that some of the solutions included innovative policy measures, regulatory reforms, and investments in grid modernisation to address the challenges and pave the way for a sustainable energy transition.