The federal government presents a national energy policy, a master plan

The Federal Government has unveiled two policy documents that will serve as a roadmap for the country’s energy transformation, efficiency and reliability to power Nigeria’s industries, improve economic development and attract more investment.

The documents, which are revised editions of the National Energy Policy (NEP) and the National Energy Master Plan (NEMP), prepared by the Energy Commission of Nigeria (ECN), were launched in Abuja on Wednesday, becoming the first published energy policy document in the country.

The Minister of Innovation, Science and Technology, Chief Uche Nnaji, was accompanied by the Special Adviser to President Bola Tinubu on Energy, Mrs. Olu Verheijen; Minister of Water and Sanitation Resources, Hon. Joseph Utsev (representative); Minister of State for Petroleum (Gas) Resources, Ekperikpe Ekpo; ECN Director General, Dr. Mustapha Abdullahi, as well as other dignitaries, to unveil the documents.

In his remarks, the minister noted that the federal government, in pursuit of its energy goals, issued two large bonds worth USD 10.6 billion and USD 15 billion in the first and second tranches.

He added that the third tranche, with a threshold of $50 billion, is earmarked for projects with explicit environmental protection and promotes a shift to low-carbon and climate-resilient development, which includes both climate change mitigation and adaptation.

He said: “They undoubtedly open up additional investment initiatives in Nigeria’s energy transformation plan where bondholders, beneficiaries, suppliers, manufacturers and a range of other value chain actors can explore investment opportunities.”

He added that thanks to these newspapers, the government’s policy direction is now clear, documented and of significant importance for general application. He noted that it further ensured its official recognition by the government, giving it authority and credibility, thereby encouraging government agencies and institutions, as well as private companies, to comply with the regulations.

The ECN Director General told reporters in an interview that the Commission will work with stakeholders on an action plan that will guarantee energy security.

He said: “We have so many energy sources and the action plan is to ensure energy efficiency, which is also one of the key issues. We have also noticed that the problem is not the production of energy, but its use. The documents therefore highlight the best way to use and save energy.”

For her part, presidential adviser on energy Ms Verheijen in her remarks said the launch was significant because it showed the government’s “determination to ensure sustainable energy development”, adding that “energy constitutes the backbone of society and economic development.”

She noted that while Nigeria faces challenges in the energy sector, such as inadequate infrastructure and limited access to electricity, the nation has enormous potential to transform the sector.

She said: “We must adopt a holistic approach that prioritizes the diversification of energy resources as well as energy efficiency and accessibility in the sector to ensure reliable access to energy for all Nigerians.”