The Federal Government has said it was committed to attain net zero carbon emission by 2060.
The Permanent Secretary, Federal Ministry of Power, Temitope Fashedemi, who stated this at the 8th Nigeria Energy Forum, NEF, Opening Plenary on Energy Transition for Growth in Lagos yesterday, said the realisation of this goal depended on the implementation of Nigeria's Energy Transition Plan, ETP, which was launched in 2022.
The Perm Sec, who was represented by the Managing Director, Rural Electrification Agency, Engr. Ahmad Salihijo, said the country would continue to strive towards increasing energy development through legislations, policies and critical projects.
"It is public knowledge that President Bola Tinubu has signed the Electricity Act, 2023. The implementation of the Act would greatly accelerate the sustainable exploitation of our abundant resources in meeting our electric power demands for industrialisation and economic growth," he said.
In his keynote address, United States Consulate General in Lagos, Mr Will Stevens, said Nigeria remained one of the key participants in the US Department of Energy's global initiative.
He said: "On the energy transition to a net zero world, there are more opportunities for partnership and expanded cooperation. Nigeria holds 33 per cent of the African continent's total gas reserves, with the potential to ensure sustained supply of natural gas across sub-Saharan Africa.
"Nigeria could provide natural gas for the entire continent if the necessary financing infrastructure and partnerships are in place."
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Also speaking at the event, the Group Managing Director, Sahara Group, Kola Adesina, said Nigeria needed to embrace new and stable energy sources to meet the anticipated growth in energy demand.
"Therefore, aligning Nigeria's industrialization, with sustainable energy development requires modifying legislation and encouraging creative project financing options," he said.
Adesina said Sahara Group was planning an industrial park at the Egbin power station to provide a stable and consistent electricity supply to manufacturers, thereby boosting industrialisation.
In his remarks, the Group Managing Director, Johnvents, John Alamu, said the company was installing a 3,000-kilowatt gas generator fleet to power industrial facilities as an immediate step towards this goal.
"As we diversify our offerings, it is crucial to mention the significant energy and financial needs in running an integrated food manufacturing, industrial agro-processing and agri-food commodities trading operations.
"We urge our partners in the financial and energy sectors to innovate and create tailored solutions for food sector manufacturers and processors," he said.
In his welcome remarks, the Chairman, NEF, Dr Oluwole Daniel Adeuyi, said energy transition referred to a progressive shift from conventional to alternative and more sustainable forms of energy production and consumption.
Adeuyi said: "NEF2023 follows the fuel subsidy removal, foreign exchange unification and electricity sector devolution in Nigeria. This presents opportunities for restoring investor confidence, rebuilding cross-sector trust, and restructuring the value chain, thereby creating an enabling environment for producers and consumers at all levels."
