Affordability Of Energy Sources Priority Of FG

By Georgina Humphrey

Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, says the affordability of energy resources to Nigerians remain top priority in the renewed hope agenda of the present administration.

Ambassador Tuggar stated this at the second edition of the on-going African Natural Resource and Energy Investment Summit, AFNIS, in Abuja.

Represented by the Director, Economic,Trade and Investment, in the Ministry, Amb. Bolaji Akinremi, said it was imperative to add institutionalization of the Ministerial Summit such as the AFNIS for collective capacity.

According to him there is no gainsaying that the African Alliance, if properly nurtured by member States, can evolve into a strategic economic and security arrangement.

“It is important to state that availability, sustainability and affordability of energy resources to the average citizen and businesses should be of utmost priority in order to achieve the envisaged development of the economy.

Ambassdor Tuggar explained that It is noteworthy to mention that deliberations on mining and energy resources in the African sphere is crucial to the overall development of the region.

“Therefore, it is necessary for all stakeholders be it government or private, Industry captains to converge from time to time to chart a course for a more unified robust approach to unlock the potential of these God given mineral resources for the welfare of our citizens” Amb Tuggar added.

Speaking in the same vein, Senior Director, Africa Finance Corporation, AFC, Taiwo Adeniji, stressed that it is estimated that Africa requires about $250 billion annually to close the climate financing gap and that Africa holds the key to the world transition of the energy sector.

“African countries, particularly Nigeria, should consider utilizing innovative financing instruments and mechanisms to attract private sector financing. Instruments such as Social Bonds, Green Bonds and Loans, Sustainability Bonds and Loans, Cabon Pricing, Debt-for-Climate Swaps, etc. Can and should be deployed to attract private financing”.

Adeniji emphasized that one of the key paths towards the achievement of net-zero is significantly scaling up investments in green projects.

“Africa indeed holds the key to the world’s transition to a sustainable future, being the home to significant proportions of the key transition metals, yet today it not only pays the price for the climate indiscretion of the past, but also struggles in accessing the funds it needs to change the course for a better future”.

According to him, “At AFC we believe the most efficient way to transform the continent, without further aggravating the climate situation, is to increase the amount of green energy available within Africa and at the same time develop the industrial capacity of the continent.

“It is estimated that Africa requires about $250 billion annually to close the climate financing gap. High volumes of finance is required for sustainable infrastructure (clean energy and transport systems, green buildings, etc.).

“The bulk of these resources are expected to come from the private sector. Thus, African Governments have a responsibility to design and implement conducive policies and regulations to attract private investments, particularly in priority sectors for climate action and green growth.

Edited By Grace Namiji