Nigeria's Energy Compact To Electrify 5million Homes,Create 250,000 Jobs

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Nigeria's Energy Compact Initiative To Create 250,000 Jobs, Electrify 5 Million Homes – Osinbajo – Independent Newspaper Nigeria

Nigeria has created an Energy Compact Initiative aims at electrifying 5 million homes in the country, and creating 250,000 jobs in two years,according to Vice President Yemi Osinbajo

He disclosed that the Energy Compact was presented at the High-Level Dialogue on Energy at the recent 76th session of the United Nations General Assembly (UNGA).

He spoke in a paper entitled ‘perspectives of the energy transition, its economic impact, challenges prospects and the changing paradigms to the geo-politics of energy’ at the Seplat Energy Summit, held in Abuja.

The theme of the Seplat Energy Summit 2021 “Global Trends in Energy Transition and the Africa Perspective”.

Represented by Sharon Ikeazor, the Minister of State for Environment, the Vice President,

According to him,the energy sector is facing a series of interlinked challenges, including – rising populations and economic growth with the attendant increasing demand for energy services.

Osinbajo,who was represented by Sharon Ikeazor, the Minister of State for Environment, added that these challenges progressively promote resilience to future economic and environmental shocks, as well as massive shift from a highly centralized energy sector to decentralized energy production.

According to him,in order to meet challenges of transition of the energy sector, there was need to ensure massive efforts towards increasing energy efficiency and productivity, facilitate changes in consumption patterns and lifestyle choices, and expand renewable energy for power supply and direct use within and across the country.

“The earlier mentioned Nigeria’s Energy Compact includes our flagship 5m Solar Power Project which aims to electrify 5m homes and 25m people by 2023, and aims to create 250,000 jobs.

“The implementation of this programme is underway with several sites commissioned and being by the private sector with support from the government.

“There is a need to change and expand the electricity sector infrastructure to allow for increased use of variable sources, system flexibility, and electrification of new services, mainly for transport.

“The good news is that many solutions already exist, and transitions are already under way and being expanded and scaled up. It is recognised, however, that the pace and scale of transition demands finances, expanded innovation in technologies, business models, and market solutions and an enabling policy framework to continuously improve the existing options and fill the gaps for a decarbonized energy system by 2050 for a sustainable Future!” he added.

In his remarks,the Minister also stated that the new Petroleum Industry Bill (PIB), recently signed into law has enhanced the Nigerian petroleum industry’s reputation, providing the pathway to new investments, and consolidates Nigeria’s ability to play a significant role in meeting the world’s growing demand for energy.

According to him,the Petroleum Industry Act 2021 will assist in harnessing Nigeria’s potential to achieve its plan of increasing oil production to 4mb/d and oil reserves from 37bbls to 40bbls, while also drawing on the country’s estimated 600TCF of natural gas reserves to provide clean and efficient energy.