Nigeria needs $410 billion by 2060 to overcome energy shortages – Timipre Sylva

According to the Federal Government, by the year 2060, $410 billion would be needed to address Nigeria’s energy shortages and lack of policy flexibility.

It was indicated that $10 billion will be required annually to carry out the changeover strategy.

At the 7th Meeting of the National Council on Hydrocarbons in Minna, Niger State, Timipre Sylva, the Minister of State for Petroleum Resources, made this declaration in the person of Gabriel Tanimu Aduda, the Permanent Secretary.

Speaking on the topic of Nigeria’s Roadmap and Strategic Option Towards Achieving Energy Transition, Sylva stated that the nation is dedicated to achieving carbon neutrality, eradicating energy poverty by rescuing 100 million people from it, and promoting economic development.

Nigeria will be one of the 50 countries that will have released recommendations for the control of fugitive methane and greenhouse gas emissions in the upstream oil and gas industry as recently as this year.

Because of this, he explained, “the gathering of experts and policy makers in the energy sector was designed to discuss and review energy-related issues, identified opportunities, and problems to proffer solutions in line with global best practices.”

The minister also said that the nation is about to use cutting edge technology in gold mining to do away with toxic chemicals and the usage of cyanide for human and ecologically friendly practices. This will be done through the Solid Minerals Development Fund.

Thirty-four memos were received on the hydrocarbons deposit in the Bida basin, seven of which were combined, and eleven of which were resigned, Sylva continued.
The reports indicating the Niger State possesses a significant amount of solid resources and commercial-scale hydrocarbon deposits were given to the council for discussion.

Alhaji Abubakar Sani Bello, the governor of Niger State, also stated in his speech that the state has commercial hydrocarbon deposits in the Bida Basin as a result of the ongoing studies and conclusions of the consultants from IBBU Lapai and FUT Minna.