Nigeria Sets Sights on $575 Billion Investment for Energy Transformation
Nigeria’s Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has unveiled the NMDPRA Industry Sustainability Initiative (NISI), envisioning a massive $575 billion in capital investment opportunities.
The initiative, discussed at the UN Climate Change Conference 2023 (COP28) in Dubai, aims to propel Nigeria towards achieving Net Zero carbon emissions by 2060 through innovative strategies.
Dr. Mustapha Lamorde, the Executive Director of Health, Safety, Environment, and Community (HSEC) at NMDPRA, highlighted that the NISI initiative aligns with Global Sustainability Development Goals.
The investment opportunities are meticulously broken down sector-wise, with $272 billion allocated to power, $127 billion to infrastructure, $96 billion to oil and gas processing optimization, $80 billion to the industry, and $2.8 billion to clean cooking.
Lamorde emphasized that this ambitious target hinges on robust collaboration between the government and the private sector, harnessing technological innovation for a sustainable energy future.
He stressed the importance of adhering to the Global Sustainability Development Goals in the pursuit of Net Zero commitments.
Anibor Kragha, the Executive Secretary of the African Refiners and Distributors Association (ARA), urged the NMDPRA to explore funding opportunities from international financiers involved in agriculture, particularly for gas projects.
He underscored the pivotal role of gas in the sector and suggested a comprehensive, decade-by-decade plan to decarbonize the mid/downstream, incorporating bankable projects to attract foreign donor agencies.
Mansur Alkali, the Executive Director of the Midstream and Downstream Gas Infrastructure Fund (MDGIF), clarified the role of MDGIF as a strategic initiative, not a grant or loan.
It aims to de-risk investments through partnerships with the private sector for building essential infrastructure to harness Nigeria’s abundant gas resources.
In conclusion, the panelists unanimously stressed the significance of cleaner energy capacity for Nigeria’s future and the imperative of attracting global and domestic finance to critical energy projects.
Source: NAN
