Nigeria is working on an ambitious energy plan including decentralised solar energy solutions that will substantially reduce the energy shortcomings by the year 2030, President Muhammadu Buhari has said.
The President spoke on the sidelines of the 76th United Nations General Assembly in New York on the High-Level Dialogue on Energy.
Spokesman for the President, Mr Femi Adesina, in a statement Friday night, quoted Buhari as saying, “Nigeria’s commitment to a just transition is reflected in our ambitious Energy Compact, which includes the government’s flagship project to electrify five million households and 20 million people using decentralised solar energy solutions.
“This is a major first step towards closing our energy access deficit by 2030. Nigeria’s commitment is also reflected in the development of our Energy Transition Plan, which was developed with the support of the UK COP26 Energy Transition Council.”
He called for support from developed countries to unlock the financing needed to accelerate a just energy transition for all.
“The focus of our discussions on transition must now evolve how we help countries develop detailed energy transition plans and commitments to mobilize enough financing to empower countries to implement those plans,” he said.
The President said the scale of financing required for Nigeria to achieve net-zero would amount to over $400bn across the Nigerian economy in excess of business-as-usual spending over the next 30 years.
He said, “This breaks down to $155bn net spends on generation capacity, $135bn on transmission and distribution infrastructure, $75bn on buildings, $21bn on industry and $12bn on transport.”
Buhari, however, said that gas would continue to have a big role to play before phasing it out, explaining that solid fuel cooking was still wreaking havoc in Africa:
He said, “As a global leader on the energy transition, it is imperative that I flag a major risk to development that stems from the current narrative around the energy transition, particularly on the role of gas and the lack of financing.
“Nigeria’s Energy Transition Plan has laid out our road map to reach net-zero and highlights the scale of the effort required, which includes the development and integration of renewables into current grid infrastructure at tremendous scale and electrification of all sectors.
“This is challenging for any country, especially a developing country. On our development objectives, gas will have a key role to play here for some years before being phased out.”
President Buhari noted that these plans must also take into account the provision of access to electricity and clean cooking solutions for those in Nigeria and around the world currently without access.
He also stressed the essential role of gas in addressing clean cooking challenges.
“Globally, there are 2.6 billion people who lack access to clean cooking – which is unacceptable. Even more concerning is that solid fuel cooking in Africa causes almost 490,000 premature deaths annually, making it the second-largest health risk in Africa,” he stated.
Abuja-Kaduna train resumes operation Saturday – NRC
Barely 24 hours after suspending the Abuja-Kaduna trains for safety reasons, the Nigerian Railway Corporation says the services will resume Saturday October 23.
The suspension followed an explosion attack by hoodlums on the Abuja-Kaduna rail track Wednesday evening, which the corporation said affected the locomotive tank of a Kaduna-bound train.
Although there have been conflicting accounts of the attack with some attributing it to bandit or terrorist attack, the Managing Director of the corporation said in an interview on Friday night that the NRC team of engineers and technicians had fixed the problem and was certified that the train service could resume on the route after carrying out extensive an inspection of the line.
The NRC also said in a statement issued Friday evening that the Abuja-Kaduna Train Services (AKTS) would “resume tomorrow, Saturday, 23rd October, 2021 as follows: From IDU, Abuja (AK3) at 0950am. From Rigasa, Kaduna (KA4) at 10.35am.”
The statement read in part, “The board and management of the Nigerian railway corporation (NRC) hereby inform the general public, particularly our valued passengers that Abuja-Kaduna Train Services (AKTS) resume tomorrow, Saturday, 23rd October, 2021 as follows: From IDU, Abuja (AK3) at 0950am. From Rigasa, Kaduna (KA4) at 10.35am. Subsequent train services continue.
“The NRC once again sincerely apologises for the inconvenience.”
Motorists, travellers stranded as Delta bridge collapses
There was confusion in part of Delta State on Friday following the collapse of the Umutu Bridge in the Ukwuani Local Government Area of the state, leaving several motorists and travellers on the Agbor-Abraka-Eku road stranded.
The incident reportedly occurred in the early hours of the day, adding that the aged long bridge gave way as a Trailer conveying heavy duty construction bulldozer was passing through it towards the Agbor axis of the state.
The deplorable condition of federal road has been on the news, with report of the road project already awarded for reconstruction by the federal government.
The road link many communities in the state and connect the people with other parts of the country, particularly Northern and South-East states.
Deputy Speaker of the Delta State House of Assembly, Chief Ochor Christopher Ochor who hails from the area, regretted that the federal government had not given such an important road the desired attention.
Ochor who spoke to our Correspondent, described the collapsed of the bridge as unfortunate and sympathized with stranded motorists and travelers for the pains it may have caused them.
He said he had already contacted the Commissioner for Work in charge of Urban and Highways roads in the State, Mr Neol Omodion, who has promised to take necessary steps to address the ugly situation.
Ochor however stressed the need to beef up security in the area to protect the lives and properties of the stranded travelers, calling on the federal government to reconstruct the road due to its strategic position to the socio economic development of the area.
W/Bank: Higher inflation ahead as oil price hits $86/barrel
The World Bank Group says a higher global inflation rate is ahead, noting the current oil price rise may continue into 2022, after recording 80 per cent higher this year than what it was in 2020.
The latest Commodity Markets Outlook released on Thursday reported the global lender as saying higher oil prices were also impacting food security in some countries already.
This came as Brent Crude prices hit $86.10 per barrel early on Thursday, jumping to the highest level in three years, before retreating to just above $85 amid profit-taking.
Experts said the reluctance of OPEC+ to pump more in the short term suggests that oil prices will remain well supported for the remainder of this year.
Although Nigeria has set a $57 per barrel benchmark for the 2022 budget, it is expected to produce 1.88 million barrels per day while targeting N3.16 trillion from oil proceeds.
The World Bank outlook indicated that energy prices soared in the third quarter of 2021 and are expected to remain elevated in 2022, adding to global inflationary pressures and potentially shifting economic growth to energy-exporting countries from energy-importing ones.
“Energy prices, expected to average more than 80% higher in 2021 compared to last year, will remain at high levels in 2022 but will start to decline in the second half of the year as supply constraints ease.”
The global bank however feared that non-energy prices, including agriculture and metals, are projected to decrease in 2022, following strong gains this year.
Chief Economist and Director of the World Bank’s Prospects Group, Ayhan Kose, said, “The surge in energy prices poses significant near-term risks to global inflation and, if sustained, could also weigh on growth in energy-importing countries.”
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