Nigeria Needs $400bn To Close Energy Shortfall — Buhari
Nigeria’s President, Major General Muhammadu Buhari (Retd. ), has stated that the country requires more than $400 billion to meet its urgent energy needs.
In a remark published by Bloomberg, Buhari stated that $300 billion would be required for energy generation, transmission, and distribution infrastructure, while $116 billion would be required for buildings, industry, and transportation.
According to the story, Buhari did not provide a timescale for the expenditure plan, but stated that Nigeria will require assistance from developed countries to close the financial gap, which he claimed exceeded Nigeria’s energy budget for the next 30 years.
According to the source, Buhari, who spoke to the United Nations General Assembly on Thursday, is under pressure to illustrate how Nigeria will eventually shift away from fossil fuels.
With financial requirements approaching the size of Nigeria’s GDP in 2020, his announcement amounted to a list of indeterminate ambitions that he could not achieve without enormous outside support, according to the article.
“As a first step toward addressing Nigeria’s energy access deficit by 2030, the government wants to deliver electricity to five million families and 20 million individuals utilizing solar energy solutions,” Buhari was reported as saying.
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Nigeria’s infrastructure stock is estimated to be 25% of GDP by the International Monetary Fund, while the Nigerian Investment Promotion Council estimates that the country will need over $2.8 trillion in infrastructure investment over the next 30 years to reach the international benchmark of 70% of GDP.
With a seed capital of one trillion naira and a goal to develop its assets and capital base to N15 trillion over time, the Federal Government established the Infrastructure Corporation of Nigeria Limited in February to solve the country’s infrastructure deficit.
In August, the country’s long-awaited Petroleum Industry Act became law.
Industry stakeholders hope that the act would attract much-needed investment, while some are skeptical, claiming that it arrived too late.
The three percent contribution to host communities and the thirty percent allocation to frontier exploration remain contentious in the PIA.
