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FG Needs $410bn to address energy constraints, policy flexibility by 2060 – Sylva

By Fatima Saka 

The Federal Government has said Nigeria needs $410 billion to tackle Nigeria’s energy constraints and policy flexibility by 2060.

The Minister of State for Petroleum Resources, Timipre Sylva, made this known on Thursday in Minna through the Permanent Secretary, Gabriel Tanimu Aduda, said this at the 7th Meeting of the National Council on Hydrocarbons in Niger State.

It explained that the sum of $10 billion will be needed per annum to achieve the transition plan.

Sylva explained that the country is committed to achieving carbon neutrality, ending energy poverty by lifting 100 million people out of poverty and driving economic growth while speaking on the “Roadmap and Strategic Option Towards Achieving Energy Transition in Nigeria”,

It explained that the sum of $10 billion will be needed per annum to achieve the transition plan.

“Nigeria will be one of the 50 to have launched its guidelines for the management of fugitive methane and greenhouse gasses emissions in the upstream oil and gas sector latest this year.

“Hence, the gathering of experts and policy makers in the energy sector was designed to discuss and review energy related issues, identified opportunities, problems to proffer solutions in line with global best practices,” he revealed.”

The minister also disclosed that the country, through the Solid Minerals Development Fund, is on the verge of unveiling cutting edge technology in gold mining to eliminate harmful reagents, use of cyanide for human and environmentally friendly practices.

On Hydrocarbons deposit in the Bida basin-, Sylva added, “thirty-four memorandums were received, seven were merged while eleven were stepped down. The memos were presented to the council for consideration that the Niger State has large quantity of solid resources and hydrocarbon deposit in commercial quantities’ ‘.

In his keynote speech, Niger State Governor, Alhaji Abubakar Sani Bello, who is represented by  Secretary to the State Government SSG Alh. Ahmed Ibrahim Matane said the state has commercial deposits of hydrocarbons in Bida Basin following the progressive reports and findings of the consultants from IBBU Lapai and FUT Minna.

He further appealed to the relevant agencies to expedite actions on the exploration in the Bida Basin for optimal benefits.

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