Page 4 - AfrOil Week 03 2023

AfrOil COMMENTARY AfrOil

Nigerian power infrastructure (Image: GENI)

Is Nigeria’s future green?

Renewables can meet nearly 60% of energy demand by 2050, IRENA says

GREEN energy could provide close to 60% of investment in renewables will be more cost-ef-
Nigeria’s energy needs for all sectors of its econ- fective than the conventional pathway, with
WHAT: omy by 2050, but only if investment reaches a lower investment costs of $1.22 trillion com-
Nigeria could see the total of $1.22 trillion over the next three decades, pared to $1.24 trillion over the next three
share of renewables in its according to a new International Renewable decades.
energy mix rise to 57% Energy Agency (IRENA) report. This corresponds to $35bn versus $36bn
by 2050 given sufficient Pumping money into renewables could per year respectively and means that investing
investment, according to reduce gas demand in Nigeria by 40% and oil in solar and wind, rather than oil and gas, will
a new report from IRENA.
demand by 65% by 2050, thereby reducing CO2 prove cheaper in the long run.
WHY: emissions and combating climate change at the
Nigeria is a major oil and same time as meeting the growing demand for Energy security
gas producer but has set power in Africa’s most populous country. Nigeria has the lowest access to electricity glob-
a deadline of 2060 for ally, with about 92mn people out of the country’s
reaching net zero carbon IRENA’s report more than 200mn population lacking access to
emissions. The share of primary energy requirements met power, the 2022 edition of the Energy Progress
with renewable energy can reach 47% by 2030 Report says.
WHAT NEXT: and 57% by 2050, IRENA said in its report. With a growing population and a range of
More coordination Electrification will play an important role in socioeconomic challenges, Nigeria requires
and planning will be achieving higher renewable energy shares with sustainable energy sources to meet the increas-
needed to plan transition electricity in final energy use nearly doubling by ing demand for all sectors of its economy and
successfully. 2050. achieve universal access to modern energy
Under IRENA’s Energy Transition Scenario, services.

P4 www. NEWSBASE .com Week 03 19•January•2023