Nigeria on Saturday made its case for foreign investors to explore the $585 billion investment opportunities in capital expenditures in its drive to meet the target of net zero emission by 2050.
The push was led by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) on the sidelines of the ongoing United Nations Climate Conference (COP28) in Dubai, United Arab Emirates (UAE).
NMDPRA Executive Director, Health, Safety and Environment and Community, Dr. Mustapha Lamorde, disclosed this at a panel discussion at the Nigeria Pavilion on ‘Nigeria’s Pathway to Energy Sustainability: the role of the Nigerian Midstream and Downstream Petroleum Regulatory Authority’.
He said that the investment opportunities in capital expenditure would be created by the NMDPRA Industry Sustainability Initiative (NISI).
According to him, NISI supports the sustainability of the midstream and downstream petroleum industry, aligning with Nigeria’s commitment to achieving net-zero carbon emissions (carbon neutrality) by 2060.
While noting that the initiative was created in line with the Global Sustainability Development Goals (SDG 3, 7, 8, 9, 11, 13, 16, 17) geared towards achieving Nigeria’s 2060 net zero commitment, he said it would be three phases.
These include the Implementation Phase (Short-term Focus – 12 Months) involving increasing renewable energy consumption in operations; the Consolidation Phase (Medium-term Focus – 5 years) to reduce methane emission intensity, and the Evolution Phase (Long-term Focus – 10 years) to achieve net-zero emissions by 2060.
Lamorde also gave a sectoral breakdown of the investment framework including $272 billion in Power driven by the provision of electricity to the entire population through renewable energy sources; Infrastructure, driven by opportunities for additional power transmission and distribution, infrastructure, gas transmission and distribution infrastructure and electric chargers.
Others are $96 billion in Oil and Gas Processing optimization driven by operational energy efficiency and savings, Carbon Capture and Storage (CCS); $80billion in Industry driven by the switch to zero-emissions technology like solar boilers, zero-emission fuels, and $2.8 billion in Clean Cooking driven by the switch to clean cooking technology.
The NMDPRA Executive Director said that Nigeria’s path to net zero must be unique, noting that defining a path to net zero for the country requires a unique approach.
“Solutions must address the specific challenges. The path must be just and equitable,” he added.
He told foreign investors that with a diverse population of about 220 million, rich cultural heritage, and high economic potential among other qualities, “Nigeria is open business.”
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