Nigeria and Egypt have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in the field of electricity and renewable energy.
The Egyptian minister of Electricity, Mohamed Shaker and his Nigerian counterpart, Abubakar D.Aliyu signed the document, according to a statement by the Egyptian ministry on January 24th.
Through the MoU, the two countries will provide technical support for the electricity generation sector and the development of electricity transmission and distribution networks, and the transition to smart grid systems.
This is in addition to promoting new and renewable energy systems in the electricity sector.
Nigeria is the most populous country and largest economy on the African continent and home to one of the fastest-growing populations globally, which has led to a rapidly increasing demand for energy that will be key to unlocking further economic development.
This presents a substantial opportunity to develop the rich natural renewable energy resources of the country and unlock low-carbon growth.
LEADERSHIP reports that, recently, the International Renewable Energy Agency(IRENA) developed a Renewable Energy Roadmap for Nigeria in collaboration with the Energy Commission of Nigeria(ECN) and analyses the additional renewable energy deployment potential up to the year 2050, with an additional 2030 focus to aid shorter-term policy development.
The study encompasses all key sectors of the Nigerian energy system to provide additional context for energy policy discussions on how increased ambition in terms of renewable energy - beyond current government policy and targets - can be realised.
Renewable energy can help Nigeria not only meet its energy needs, but also power sustainable economic growth and create jobs while achieving global climate and sustainable development objectives.
"By using its abundant, untapped renewables, Nigeria can provide sustainable energy for all its citizens in a cost-effective manner. Nigeria has a unique opportunity to develop a sustainable energy system based on renewables that support socioeconomic recovery and development, while addressing climate challenges and accomplishing energy security," IRENA's director-general, Francesco La Camera said.
Nigeria's minister of Science, Technology and Innovation, Dr. Adeleke Olorunimbe Mamora, added that: "the highly distributed institutional structure of the energy sector in Nigeria means that coordination of policies will be essential to unlocking integrated energy transition planning and ensuring its success.
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"A cross cutting agency or body tasked with doing so would be helpful in building consensus and developing a coherent plan which in turn would allow for the scaling up of renewable energy to meet the needs across the Nigerian energy sector."
The share of primary energy requirements met with renewable energy can reach 47 per cent by 2030 and 57 per cent by 2050, according to IRENA's report.
Electrification will play a significant role in achieving higher renewable energy shares with electricity in final energy use nearly doubling by 2050 even as investment in renewables will be more cost-effective than the conventional pathway, the report said.
IRENA's Energy Transition Scenario has lower investment costs than planned policies, $1.22 trillion compared to $1.24 trillion respectively. This corresponds to $35 billion versus $36 billion per year respectively.
