north60% of Nigeria’s energy demand by 2050 can be met by renewable energy sources, saving 40% in natural gas and 65% in oil needs at the same time, according to a new report from the International Energy Agency Renewables (IRENA). ).
With a growing population and a variety of socio-economic challenges, Nigeria requires sustainable energy sources to meet the growing needs of all sectors of its economy and to achieve universal access to modern energy services.
Renewable Energy Roadmap for NigeriaDeveloped in collaboration with the Nigerian Energy Commission, it demonstrates how renewable energy technologies are key to achieving a sustainable energy mix and meeting the country’s growing needs.
“By utilizing its abundant untapped renewable energy,” said IRENA Director General Francesco La Camera, “Nigeria can provide sustainable energy for all of its citizens in a cost-effective manner. Nigeria has a unique opportunity to develop a sustainable energy system based on renewable energy that supports socio-economic recovery and development, while addressing climate challenges and achieving energy security.”
Dr. Adeleke Olorunimbe Mamora, Minister of Science, Technology and Innovation of Nigeria, added: “The highly distributed institutional structure of the energy sector in Nigeria means that policy coordination will be essential to unlock integrated energy transition planning and ensure its implementation. success. A cross-cutting agency or body tasked with doing this would be helpful in building consensus and developing a coherent plan that would in turn enable the scaling up of renewables to meet needs across the Nigerian energy sector.”
According to the IRENA report, the proportion of primary energy requirements satisfied by renewable energy can reach 47 percent by 2030 and 57 percent by 2050. Electrification will play a significant role in achieving higher shares of renewable energy with electricity in final energy use nearly doubled by 2050.
Investment in renewable energy will be more profitable than the conventional way. The IRENA 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.
Moving forward with the energy transition requires shifting and scaling up investments in the short term to avoid investments in locked-in fossil fuel infrastructure with long lifespans, such as natural gas pipelines. In 2050, significantly lower use of natural gas and oil compared to planned policies has profound implications for fossil fuel infrastructure investment, increasing the risk of stranded assets.
Policies for the accelerated deployment of renewables are needed to unlock the benefits of the report. Policy coordination is essential to unlock successful integrated energy transition planning in Nigeria.
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