Nigeria to Spend Additional $410bn to Meet Its Energy Transition Plan

The federal government is to spend additional $410 billion between now and 2060 to meet the country’s Energy Transition Plan, the Minister of State for Petroleum Resources, Chief Timipre Sylva has announced.

Sylva in a message to the seventh National Council on Hydrocarbons taking place in Minna, the Niger State capital, said to meet the demand, the government would spend additional $10billion annually apart from its normal budgetary allocations.

Represented by the Permanent Secretary in the ministry, George Tanimu Aduda, the minister said: “Nigeria is a major oil-producing country on the African continent that is not only committed to net-zero emission by 2060 and its Energy Transition Plan, but is one of the first 50 to have launched its guidelines for the management of Fugitive Methane and Greenhouse Gases Emission in the Upstream oil and gas sector which will be gazetted.”

Sylva added that when gazetted, the regulator (NUPRC) would forward the document to all stakeholders for “compliance directive and for swift implementation to reduce Nigeria’s emission footprints and increase its air quality.”

The minister said Nigeria is also committed to working with and supporting other member countries “who so desire” to develop their methane management guidelines and fostering cooperation and collaboration for cleaner processing of fossil fuels.

“Oil and gas are a major development resource for Africa, and will be for a long time to come,” the minister said before adding that measures must be put in place to ensure cleaner processes and processing to mitigate the impact of methane and greenhouse gases.

Sylva declared that Nigeria must position itself to benefit from various initiatives by the international community, especially on clean energy economy methane mitigation, climate resilience, climate finance early warning systems and climate smart food system.

The minister disclosed that the country, through the Solid Minerals Development Fund, is on the verge of unveiling a cutting-edge technology in gold mining that will eliminate the use of cyanide and other harmful reagents in favour of more human and environmentally friendly practices that will at the same time serve as manure to rejuvenate the soil for clean agriculture.

Also, the Niger State Governor, Alhaji Abubakar Sani Bello, in his speech at the forum, said the state has commercial deposits of hydrocarbons in Bida Basin sequel to the progressive reports and findings of the consultants from IBBU Lapai and FUT Minna.

The governor, who was represented by the Secretary to the State Government (SSG), Alhaji Ahmed Ibrahim Matane, called for the commencement of exploration in the Bida Basin for the benefits of the country.

Bello disclosed that the state government would provide lands for potential investors in addition to assuring them of adequate security as well as providing state tax holidays and other fiscal incentives for them.

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