The Federal Government has rolled out plans to embark on a Renewable Energy Roadmap which could see the country generate about 178,000 megawatts renewable energy at a cost of $1.22 trillion by 2050.
What this means is that in a Transforming Energy Scenario, about 92 per cent of energy sources would become renewable at a cost of $35 billion yearly, even as the document projected solutions to climate change challenges in the country.
According to The Guardian, the Energy Commission of Nigeria made this known in a brief at a National Workshop organised in Abuja, on Monday.
Two scenarios were being proposed as Planned Energy Scenario and TES, with both scenarios cutting down drastically on natural gas and fossil fuels and prioritising, hydropower, electric vehicles, and solar, among others.
The Roadmap brief revealed, “Investment in renewables is more cost-effective than the conventional pathway. The TES has lower investment costs than the PES, $1.22 trillion (2010) compared with $1.24 trillion (2010), while delivering the same energy service.
“In terms of average yearly investment values, this corresponds to $35 billion (2010) per year compared with $36 billion (2010) per year. This shows that investment in renewables is cost-effective – it is cheaper than the planned case, regardless of the economic growth rate achieved.
“Therefore, by using its abundant and largely untapped renewable energy resources, Nigeria could provide sustainable energy for all its citizens in a cost-effective manner.”
Minister of Science, Technology and Innovation, Adeleke Mamora, speaking at the event, described the initiative as leeway for Nigeria’s economy.
Represented by Permanent Secretary of the Ministry, Monilola Udoh, the minister emphasized the need to adopt energy options that would address challenges of climate change and energy for the country to meet sustainable development goals.
Senior Programme Officer and REmap Team Lead at IRENA, Ricardo Gorini, said Nigeria has a unique opportunity to develop a suitable energy system based on renewable energy resources that could support socio-economic recovery and development, while addressing climate change mitigation and adaptation strategies.
Gorini noted that the approach presents the option for rapid expansion of renewable generation as well as adoption of technology.
