ECN DG calls for increased foreign investment to tackle energy poverty in Africa — Energy — The Guardian Nigeria News – Nigeria and World News

The Director-General and Chief Executive Officer (CEO) of the Energy Commission of Nigeria (ECN), Dr. Mustapha Abdullahi, has called for greater foreign investment in Africa’s energy sector to address poverty across the continent.

Dr. Abdullahi made this call during the ongoing G20 Energy Transition Working Group meeting, where he stressed the role of energy transition in achieving clean, affordable energy access and the goal of net-zero emissions by 2050.

Speaking to a global audience of delegates, Dr. Abdullahi highlighted the critical need for modern, affordable, reliable, and sustainable energy for economic growth.

He noted that access to energy is essential for improving healthcare, education, and overall economic development in both urban and rural areas across Africa.

“One of the conclusions of the COP28 Summit held in Dubai, United Arab Emirates in 2023 was the commitment of the participating countries to transition away from fossil fuels to renewable fuels in a just, orderly, and equitable manner so as to achieve net-zero emissions by 2050 globally,” he stated.

Dr. Abdullahi reiterated the Nigerian government’s commitment under President Bola Ahmed Tinubu to support the global initiative, describing the country’s pledge as “sacrosanct.”

He affirmed Nigeria’s resolve to triple the installed capacity of renewable energy and double the rate of global energy efficiency by 2030.

Addressing this year’s summit theme, “Building A Just World And A Sustainable Planet,” Dr. Abdullahi underscored the importance of tackling energy poverty in Africa, stating that energy is essential for reducing poverty, preventing disease, and ensuring clean, accessible resources for hygiene.

He noted that Nigeria was the first African country to officially launch a detailed Energy Transition Plan (ETP) aimed at addressing energy poverty, climate change, and universal access to affordable energy by 2030, with a target of net-zero emissions by 2060.

The projected cost of achieving these goals, he said, is estimated at $410 billion by 2060.

Concluding his remarks, Dr. Abdullahi stressed that adequate financing is key to driving a clean energy transition in Africa, a continent that is disproportionately affected by climate change.

He called on G20 leaders to provide financial support, noting that Africa’s energy needs would require $53 billion annually between 2020 and 2035 to meet its Nationally Determined Contributions.

He also stressed Nigeria’s stable investment environment, urging foreign investors to take advantage of the opportunities in the country’s energy sector.

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