Nigeria will need as much as $1 trillion modernize its energy infrastructure, Vice President Yemi Osinbajo said Thursday in Abuja.
While speaking at the National Energy and Climate Change summit held at the Presidential Villa, Osinbajo said “huge investment of about one trillion US dollars required to modernize our energy infrastructure in twenty-nine years between 2014 and 2043.”
Osinbajo, who spoke through the Minister of Science and Technology, Ogbonnaya Onu, said the government has increased transparency and openness in governance to support private investment.
“The government is doing a lot to attract both domestic and foreign direct investment into the energy sector. To further support private investment, we have increased transparency and openness in governance, instituted several executive orders to remove bottlenecks in business registration and permits.
“We are convinced that this will help us create more jobs, create additional wealth and reduce poverty in our country. We will like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No. 5.”
According to the Vice President, the Buhari administration was doing a lot to attract both domestic and foreign direct investment into the energy sector, adding that the nation’s energy and energy-related policies were not only geared towards energy supply security but to also mitigate global warming.
He said: “This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection.