US $15.6bn will be required to provide stable electricity in Nigeria

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About US $15.6bn will be required to provide stable electricity in Nigeria. This is according to the President of the Nigerian Association for Energy Economics (NAEE), Prof. Wumi  Iledare. According to Prof. Iledare, the Federal government and private sector can mobilize the resources if the right policies are put in place.

He also urged for both state and local councils to participate in the power sector development. According to him this can take place with  the provision of an enabling framework.

Lamentations from the NAEE

The NAEE had lamentations about the inability of Nigeria to turn her huge renewable and non-renewable energy potential into a realized dream.  Additionally this would support rapid economic growth, job creation and poverty reduction.

Prof. Iledare urged for change in the country by developing a long-term plan. Of course this plan will be useful in promoting and deepening the role of green energy solution for a sustainable future.  Additionally he says  that a combination of breakthrough in technology, improved batteries and huge private investments  in energy efficiency was forcing a new consensus among energy users and producers.

According to him some oil-rich countries like Saudi Arabia and Norway were already planning for a post-oil era. This is inorder to adopt the Public Private Partnership (PPP) model to run the sector.

Dr. Tim Okon who is an oil and gas expert, is  blaming the adoption of flat tariffs for every segment of the society for the inability to generate steady electricity. According to Mr. Okon the government must prioritize energy to exit recession and sustain development though there are competitive demands for scarce resources.

He also adds that according to an estimate the Nigerian government will need over US$ 1.6 billion to develop or complete critical infrastructure in generation, distribution and transmission of power. Additionally it would also need  US $14bn to start and complete critical projects in the oil and gas sectors.

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