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Nigeria needs $410b to end energy crisis –Sylva

Sylva (file photo


‘He disclosed that through the Solid Minerals Development Fund, Nigeria was on the verge of unveiling its cutting edge technology in gold mining’

By Mohammed Usman


The Minister of state for Petroleum Resources, Chief Timipre Sylva, has said that Nigeria required $410 billion with $10 billion per annum to achieve its transition plan by 2060 towards addressing energy constraints and policy flexibility in the oil sector of the economy.

The minister disclosed this at the seventh meeting of National Council on Hydrocarbons with the theme, “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria.”

Sylva told experts and guests at the Idris Legbo Kutigi International Conference Centre, Minna, venue for the programme, that the event was tailored towards discussing and reviewing energy-related issues, identifying opportunities, problems to proffering solutions in line with global best practices.

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The minister, who was represented by the Permanent Secretary of the Ministry, Gabriel Tanimu Aduda, said that Nigeria was committed towards achieving carbon neutrality, end energy poverty by lifting 100 million people out of poverty and drive economic growth.

The minister also assured that Nigeria would be one of the 50 nations to have launched its guidelines for the management of fugitive methane and greenhouse gases emissions in the upstream oil and gas sector latest this year.

Besides, he disclosed that through the Solid Minerals Development Fund, Nigeria was on the verge of unveiling its cutting edge technology in gold mining to eliminate harmful reagents, use of cyanide for a human and environmentally friendly practices.

He further disclosed that 34 memoranda were received, seven merged, while 11 were stepped down, adding that the memos were presented to the council for consideration.

He pointed out that Niger State had large quantity of solid mineral resources and hydrocarbon deposit in commercial quantity.

Governor Abubakar Sani Bello had earlier reiterated that the state has hydrocarbons along the Bida Basin in commercial quantities sequel to the progressive reports and findings of the consultants from state-owned Ibrahim Badamasi Babangida (IBBU), Lapai and the Federal University of Technology (FUT), Minna.

The governor, who spoke through the Secretary to the State Government (SSG), Alhaji Ahmed Ibrahim Matane, however, regretted constraints therein and appealed to the relevant agencies to expedite actions on the exploration of the Bida trough for optimal benefits.

He assured that the state would provide lands for infrastructural investments, ease of doing businesses and as well adequate security in the LPG industry, providing state tax holidays and other fiscal incentives for private sector participation in the energy.

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