President Muhammadu Buhari has announced plans to increase Nigeria’s on-grid power capacity to 30 Giga Watts by 2030 from the current level of about 5 Giga Watts adding that 30% of the capacity would be generated through renewable energy technologies.
The president made the disclosure at Africa Day in Marrakech, Morocco on the sideline of COP22, organized by African Union (AU) in collaboration with Nigeria and Economic Community Of West African States (ECOWAS), with the theme, “Moving from Commitment to Action with the Intended Nationally Determined Contribution (INDC) and the Africa Renewable Energy Initiative (AREI).”
He said: “We have developed the Sustainable Energy for All Action Agenda and the National Renewable Energy Action Plan (NREAP) among other policies that are contained in our Vision 30-30-30, with the aim to increase on-grid power capacity from the current level of about five (5) Giga Watts to 30 Giga Watts by the year 2030, with at least 30% of this capacity coming from renewable energy technologies.
President Buhari reiterated his administration’s plans to launch the first Green Bond in the first quarter of 2017 to fund a pipeline of projects that are targeted at reducing emissions towards greening the economy even as he pledged to attract private sector partnerships in addition to support from development partners.
According to him, guaranteeing energy security and focusing on renewable sources remained a top priority of his administration by strengthening the policy and regulatory base of renewable energy.
He said, “Our NDCs Implementation plan for the power sector will be built on this progress, and include clear mitigation and adaptation priorities, which will also be the basis for project proposals that will attract innovative international climate finance.
The president who was represented by the Minister of Environment, Mrs Amina Mohammed, was optimistic that the submission of INDCs by African countries was an indication that the countries do not want to be considered followers or only the worst countries experiencing the negative effect of climate change but as leaders, reformers, and incubators of new ideas.
Also speaking, the 8th President of the African Development Bank (AfDB), Akinwumi Adesina said that lack of electricity drives down Africa’s growth and development saying that Africa had continued to export raw materials for decades that are subject to global community price shocks.
“The reason Africa export raw and unprocessed materials is due to lack of electricity which has pushed Africa down to the bottom of global value chains but Africans must power up itself to add value to what it produces, speeding up industrialization and moving to the top of global value chains.
This he said must start by unlocking the huge potentials of energy on the continent including Africa’s vast potentials in renewable energy as well as non- renewable energy saying there is a need for Africa to develop a balanced energy means that would allow it to industrialize.
While noting that grid, mini-grid and off-grid systems would play a major role in the industrialization process, he explained that AfDB would invest $12bn over the next five years in support of accelerating electricity supply in Africa and to leverage between $45 to $50m from the private sector.
“The bank will work with the African Union and other partners to fast-track the Africa ‘we want’ which must be on Africa, where we will have universal access to electricity within 10 years.