12 October 2018

Nigeria Requires U.S.$1 Trillion to Modernise Energy Infrastructure - Osinbajo

Vice President Yemi Osinbajo yesterday said about $1tr is required to modernize the country's energy infrastructure.

Speaking at the opening ceremony of the National Energy and Climate Change summit at State House, Abuja, he said the money was required in 29 years, between now and 2043.

Osinbajo, who was represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, said the federal government was doing a lot to attract both domestic and foreign direct investment into the energy sector to meet the required investment.

"We are convinced that this will help us to create more jobs, create additional wealth and reduced poverty in our country. We will like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No.5," Osinbajo said.

Also speaking at the occasion, the head of European Union (EU) cooperation to Nigeria, Kurt Cornelis said the EU has committed an envelope of 150m euros to support Nigeria through several projects across the electricity value chain in the country.

Director General of the Energy Commission of Nigeria (ECN), Professor Eli Bala Jidere said the summit was conceived to address the investment requirement in the country's energy sector.

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