Future Energy Nigeria says $26.99b required for 2030 goal of 32GW electricity in Nigeria

A body under the aegis of Future Energy Nigeria has disclosed that a sum of USD26.99 Billion investment is required to reach the 2030 goal of installed capacity of 32GW in the energy sector.

The body comprises of stakeholders within the power value chain and they include: governments, power generation companies, transmission and distribution companies, off takers, developers, investors, equipment manufacturers.

The Generation mix of the 2030 goal includes: Gas: 41 percent; Solar PV: 16percent; Large hydropower: 15percent; Coal: 10percent and Nuclear, small-medium hydro, biomass, solar thermal and wind: 18percent.

Event director, Claire O’Connell said in a statement yesterday that a conference and award ceremony, which would focus on, the bold turnaround plan of the Nigerian government known as the Power Sector Recovery Program will hold on November 7-8 at the Eko Hotel and Suite Convention Center, Lagos.

She said: “The Nigerian government is serious about restoring investor confidence and providing an enabling environment to grow private investments in the electricity sector. There are huge opportunities in the Nigerian electricity supply industry for local and international investors. There are also very advantageous incentives in place for investors such as cost reflective tariffs for electricity, o percent duty on power generation equipment and 20 percent capital allowance for five years.

Connell also disclosed that the current transmission capacity of power in the country is 6.6 GW and aimed capacity by 2022 is 20GW.“The Transmission Company of Nigeria (TCN) estimates it will need about USD4.2-5 billion until 2020 to rehabilitate and modernize existing facilities. Complete projects are already under construction to expand the network to 10GW.

“The extensive opportunities in Nigeria for technology and service providers to the industry include: Expansion of existing facilities in generation, transmission and distribution, manufacturing of wires, cables, transformers and other auxiliary equipment, building new integrated power plants (IPS), Expansion of existing transmission lines, production and distribution of metering devices and provision of operations and maintenance services.”

Speakers at the conference includes: Lazarus Angbazo, CEO, Energy Connections Business, GE: Sub-Saharan Africa, Nigeria; Hon (Princess) Gloria Akobundu, CEO and National Coordinator, NEPAD, Nigeria and Onyeche Titashe, CEO, Siemens, Nigeria among others.

Awards categories are: Outstanding contribution: Power, Energy Reporter of the year, Outstanding Energy Project, Community Initiative of the year and Innovative Technology of the year.

The Federal Ministry of Power, Works and Housing; Transmission Company of Nigeria; Nigeria Electricity Regulatory Commission; Distribution Companies and prominent Generation companies are supporting the event.

In this article:
Future Energy Nigeria
Receive News Alerts on Whatsapp: +2348136370421

No Comments yet