Osinbajo says Nigeria needs $1trn investment to modernise its energy infrastructure

Vice President, Prof. Yemi Osinbajo, has said Nigeria requires about $1 trillion investment to modernise its energy infrastructure. Osinbajo, who stated this while declaring open the National Energy and Climate Change summit at the Old Banquet Hall, Presidential Villa, in Abuja, yesterday, said government was doing a lot to attract domestic and foreign-direct investments into the energy sector.

He added that the nation’s energy and energy-related policies were not only geared towards energy supply security but to also mitigate global warming. While commending the Energy Commission of Nigeria, ECN, and the Federal Ministry of Science and Technology, FMST, for organising the summit, Prof. Osinbajo, who was represented by Minister of Science and Technology, Dr. Ogbonnaya Onu, said government had increased transparency and openness in governance to support private investment.

He said: “This important event will provide a high-level forum to discuss energy and climate change as they relate to economic development and environmental protection. “I am happy that this summit is taking place at a time the Federal Ministry of Science and Technology, FMST, is working hard to help move our economy away from being resource-based to an economy that is knowledge-based and innovation-driven.”

Source: Vanguard

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