The Federal Government has announced plans to secure a total investment of $122.2bn to diversify the country’s energy sources, reduce dependence on the national grid, and enhance the overall stability and sustainability of the nation’s energy infrastructure.
The amount to be raised between 2024 and 2045, representing 21 years, is to ensure energy diversification from the current electricity sources of hydropower and gas-fired thermal plants.
It aims to diversify energy sources by incorporating hydrogen, solar photovoltaic technology, biomass, wind, gas projects combined with carbon capture, utilisation, and storage technologies, nuclear, solar (concentrated solar power), and bioenergy.
This investment proposal was disclosed in the newly released 2024 Nigeria Integrated Resource Plan and the National Integrated Electricity Policy obtained exclusively by The PUNCH on Sunday.
It also explained that $192m would be incurred over five years between 2024 to 2028 to boost transmission capacity nationwide.
The new policy documents, awaiting approval from the Federal Executive Council, seek to create a holistic framework for the implementation of the Electricity Act, address transitional challenges, integrate with other energy policies, and detail renewable energy strategies, amongst others.
