The report entitled Nigeria Leading Africa to Net Zero", was released today by the global technology group, Wartsila and made available to Vanguard in
In the new report, the technology company provides a comprehensive roadmap on how the country should proceed to build a 100% renewable energy power system by 2060.
Watsila said, "As Nigeria seeks to take the lead in climate action whilst meeting the nation's growing energy needs and secure universal access to electricity for its population, the need to build a data-driven and cost-effective energy strategy becomes crucial.
"Using advanced energy system modelling techniques, Wärtsilä's analysts have outlined the most cost-effective power system that can be built in
According to
The research shows that investing in renewable energy and flexibility from gas engines and energy storage is the best way to reduce energy costs, increase energy access and improve grid reliability.
"With this strategy, the cost of electricity generation is predicted to drop by 74% by 2060 compared to 2022 levels, and carbon emissions will drop to zero.
"This in-depth energy modelling exercise also reveals the key role that
"If the power system expansion roadmap presented to the report is successfully implemented, by 2060 Nigeria's power system will be fully decarbonised and able to meet the energy needs of our country's rapidly growing population.
"The key components of our power system will be renewables, supported energy storage technologies, together with grid-balancing engines that have been converted to run on green hydrogen.
" As early as 2032,
'"However, delivering on this ambitious plan will require enormous investments, estimated at
"Attracting that level of investment is possible, but not without significant policy reforms.
" Despite the many government efforts to implement an increasingly strong legal framework, project developers and sponsors must still navigate a very complex and uncertain system that adds excessive investment risk.", warned Wale Yusuff.
'With its huge gas reserves and high renewable energy potential,
" If the country can improve its power transmission infrastructure, develop a sound policy framework, and deploy a data-driven power expansion plan based on renewable energy and flexibility; it will take a giant step towards its goal of securing universal access to affordable, reliable and fully decarbonised electricity," the report suggested.
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