Lagos – Experts have emphasized that a substantial investment of N1.9 trillion is essential for the successful implementation of Nigeria’s Net Zero Emissions plan outlined in the Nigerian Energy Transition Plan (ETP).

These insights were shared during a Power Dialogue event organized by The Electricity Hub (TEH) in Abuja. The theme of the event revolved around the analysis and execution of the Nigerian Energy Transition Plan, focusing on the reforms and implementation strategies.

The experts highlighted that the Nigerian Energy Transition Plan needs to transcend being merely a conceptual framework and instead establish a viable pathway for realization….CONTINUE READING

This becomes especially crucial due to the financing challenges encountered in relation to gas initiatives proposed in the plan.

Pointing ahead to 2040, the experts projected a significant transformation in Nigeria’s gas utilization landscape, where emphasis would shift to the domestic sector while the global gas market diminishes.

Notably, they positioned gas as a pivotal transition fuel, owing to its abundant availability. Presently, Nigeria exports around 14% of its liquefied natural gas (LNG) to the European Union.

Regarding obstacles to gas development, the experts emphasized a key hindrance related to natural gas pricing within the domestic economy.

They highlighted that gas allocated to the power sector is subject to deregulated rates within the industry, causing underutilization of its potential benefits unless matched by interested buyers or sellers.

A panel of distinguished energy specialists participated in the event, including Zira John Quaghe, Nigeria’s Focal Person at The African Climate Foundation; Jennifer Ifeanyi-Okoro, Vice President of Public Policy at Sun King; Charles Majomi, a Partner specializing in Gas and Energy Transition at The Nextier Group; and Chibuikem Agbaegbu, the Program Manager at Nigeria Off-Grid Market Accelerator, who served as the Moderator.