Nigeria and Egypt have signed a Memorandum of Understanding, MoU to enhance bilateral cooperation in the field of electricity and renewable energy
The Egyptian Minister of Electricity Mohamed Shaker and his Nigerian counterpart Abubakar D.Aliyu signed the document according to a statement by the Egyptian ministry on January 24th.
Through the MoU, the two countries will provide technical support for the electricity generation sector and the development of electricity transmission and distribution networks, and the transition to smart grid systems.
This is in addition to promoting new and renewable energy systems in the electricity sector.
Oriental News Nigeria, reports that Nigeria is the most populous country and largest economy on the African continent and home to one of the fastest-growing populations globally, which has led to a rapidly increasing demand for energy that will be key to unlocking further economic development.
This presents a substantial opportunity to develop the rich natural renewable energy resources of the country and unlock low-carbon growth.
Just recently the International Renewable Energy Agency (IRENA), developed a
Renewable Energy Roadmap for Nigeria in collaboration with the Energy Commission of Nigeria, ECN. and analyses the additional renewable energy deployment potential up to the year 2050, with an additional 2030 focus to aid shorter-term policy development.
The study encompasses all key sectors of the Nigerian energy system to provide additional context for energy policy discussions on how increased ambition in terms of renewable energy – beyond current government policy and targets – can be realised.
Renewable energy can help Nigeria not only meet its energy needs, but also power sustainable economic growth and create jobs while achieving global climate and sustainable development objectives.
The study was carefully designed to capture the realities facing the country and sharpen its focus on key challenges and opportunities facing the Nigerian energy system. The actions needed to realise this future are multi-faceted and include policy, regulatory and financial related actions to place Nigeria on the path to a transformative future.
Nearly 60 per cent of Nigeria’s energy demand in 2050 can be met with renewable energy sources, saving 40 per cent in natural gas and 65 per cent in oil needs at the same time, according to a new report by IRENA.
With a growing population and a range of socioeconomic challenges, Nigeria requires sustainable energy sources to meet the growing needs for all the sectors of its economy and achieve universal access to modern energy services.
Renewable Energy Roadmap for Nigeria, developed in collaboration with the Energy Commission of Nigeria, demonstrates how renewable energy technologies are key to achieving a sustainable energy mix and meeting the country’s growing needs.
”By using its abundant, untapped renewables”, IRENA’s Director-General Francesco La Camera said, “Nigeria can provide sustainable energy for all its citizens in a cost-effective manner. Nigeria has a unique opportunity to develop a sustainable energy system based on renewables that support socioeconomic recovery and development, while addressing climate challenges and accomplishing energy security.”
Dr. Adeleke Olorunimbe Mamora, Nigeria’s Minister of Science, Technology and Innovation added: “The highly distributed institutional structure of the energy sector in Nigeria means that coordination of policies will be essential to unlocking integrated energy transition planning and ensuring its success. A cross cutting agency or body tasked with doing so would be helpful in building consensus and developing a coherent plan which in turn would allow for the scaling up of renewable energy to meet the needs across the Nigerian energy sector.”
The share of primary energy requirements met with renewable energy can reach 47 per cent by 2030 and 57 per cent by 2050, according to IRENA’s report. Electrification will play a significant role in achieving higher renewable energy shares with electricity in final energy use nearly doubling by 2050.
Investment in renewables will be more cost-effective than the conventional pathway. IRENA’s Energy Transition Scenario has lower investment costs than planned policies, 1.22 trillion USD compared to 1.24 trillion USD respectively. This corresponds to 35 billion USD versus 36 billion USD per year respectively.
Advancing the energy transition requires a shift and scaling-up of investments in the short-term to avoid locked in fossil fuel infrastructure investments with long lifetimes such as natural gas pipelines. In 2050, significantly less use of natural gas and oil compared to planned policies has profound implications for infrastructure investment in fossil fuels, increasing the risk of stranded assets.
Policies for the accelerated deployment of renewables are needed to unlock the report’s benefits. Policy coordination is essential to unlocking successful integrated energy transition planning in Nigeria.