Oredola Adeola
Chief Adebayo Adelabu, Minister of Power, has revealed that Nigeria’s commitment to achieving 30GW of grid energy supply with a 30 percent renewable energy mix by 2030, and universal energy access by 2060, presents an opportunity for collaboration with the Chinese investment community to boost the sustainable energy solutions across the country.
The Minister made this known in his presentation on Wednesday while addressing Chinese investors and businessmen at the 1st China-Nigeria Economic Cooperation and Trade Conference, Beijing 2024.
Advisors Reports confirmed that the Minister was part of the entourage of President Bola Ahmed Tinubu to the ongoing Africa-China Cooperation Summit in Beijing, China.
Adelabu in his remark said the country’s short-term and long-term universal energy targets present an opportunity for further partnership between the Chinese investment community and the Federal Republic of Nigeria.
He emphasised that Nigeria and China’s partnership spans decades with notable achievements across the power sector value chain in line with Nigeria’s goal of energy sustainability and economic development.
He said, “To achieve this objective, universal energy access by 2060, with a short-term target under our vision 30:30:30 the Federal Government of Nigeria has implemented a multi-pronged approach designed to tackle issues across the Nigeria Electricity Supply Industry value chain and set the sector on a path to recovery and prosperity”.
The minister therefore outlined measures that have been put in place to achieve these measures.
According to him, “The Nigerian Government has streamlined legislative and policy processes to reduce bureaucratic red tape and encourage active participation from subnational entities, thereby fostering investment and project execution.
“We are leveraging both public and private funds to de-risk project investments and attract more substantial financial commitments, enabling larger and faster project rollouts.
“We are embracing technology and innovation to help investors identify optimal investment opportunities.
“We have initiated a national program to fast-track infrastructure development aimed at building a robust and resilient grid network.
“And lastly, we are fostering strategic partnerships and collaborations with investment communities and development partners to leverage global expertise, share resources, and co-invest in the energy sector”, he said.
He added: “I believe this Nigeria – China Economic Forum presents a great opportunity for us to firm up on our existing areas of collaboration and explore additional opportunities for shared posterity”.
