Most recent projeVice President Yemi Osinbajo believes Nigeria should already be generating 40,000 megawatts. He blames bottlenecks for the delay and argues that the nation should be moving quickly towards the 2030 goal of 30 gigawatts already.
Vice President Yemi Osinbajo made this known to stakeholders during a conference put together by the Nigerian Association for Energy Economics (NAEE). He added that efforts were being made to eliminate the tailbacks. He also added that paving Nigeria’s path to, at least, 10 gigawatts of electricity requires up to US$3bn in investment.
The Vice President noted that the fund will be raised through a combination of interventions from the African Development Bank, Central Bank of Nigeria, French Development Agency, Japan International Cooperation Agency (JICA), Siemens Partnership, World Bank, and others.
“We need more electricity for our large population. That is why this administration continues to invest in expanding generations to cater to our current and future needs. The Okpai Phase II plant, Afam III fast power plant, Zungeru hydro plant, and Kashimbilla hydro plant will add more than 1000MW of capacity in both gas and renewable segments,” Osinbajo stated.
Osinbajo believes that the US$2.6bn Ajaokuta-Kaduna-Kano pipeline is a great fix to the gas constraints. He also expects the NLNG Train Seven project to scale up capacity by over 30%, further establishing Nigeria as a global leader as far as Liquified Natural Gas is concerned.
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