Nigeria’s Path to Achieving 100% Renewable Energy by 2060

Wärtsilä’s report outlines Nigeria’s potential to achieve a 100% renewable energy system by 2060, requiring substantial investment and policy reforms. The optimal power system involves significant renewable capacity, energy storage, and a transition from gas to green hydrogen. Achieving universal electricity access by 2032 is feasible if planned investments are made and regulatory hurdles addressed.

Wärtsilä, a global technology group, has released a report titled “Nigeria Leading Africa to Net Zero,” outlining a feasible plan for Nigeria to achieve a 100% renewable energy power system by 2060. This initiative aims to address the country’s energy demands while ensuring universal electricity access for its citizens, highlighting the need for a data-driven and cost-effective energy strategy.

The report identifies the optimal power system for Nigeria, comprising 1,200 GW of renewable energy capacity, alongside 283 GW of energy storage and 34 GW of engine-based power plants for grid stabilization. This approach is anticipated to reduce electricity generation costs by 74% by 2060, compared to 2022, ultimately eliminating carbon emissions.

Furthermore, the study highlights the crucial role of Nigeria’s domestic gas reserves, which can serve as an affordable transition fuel for balancing the renewable energy supply. As renewable energy generation becomes more prevalent, gas engine plants can be gradually converted to utilize green hydrogen, starting in the early 2040s.

Wale Yusuff, the Managing Director of Wärtsilä in Nigeria, emphasized the significance of implementing the roadmap for a decarbonized power system by 2060, which would accommodate the energy needs of the growing population. He also stated that by 2032, Nigeria could achieve universal electricity access, effectively rendering outdated diesel generators obsolete.

However, realizing this ambitious vision necessitates substantial investments, estimated at $18.7 billion by 2030 and $425 billion by 2060. Wale Yusuff cautioned that attracting such investments requires significant policy reforms to reduce investment risks stemming from the complex and uncertain regulatory environment.

In conclusion, Nigeria is poised to lead the transition to a fully renewable energy system by 2060, provided that substantial investments and policy reforms are undertaken. With a robust roadmap in place, incorporating renewable energy, energy storage, and domestic gas resources, the country can achieve universal access to electricity while significantly reducing carbon emissions. The successful execution of this plan hinges on improving the regulatory framework and ensuring the effective deployment of necessary technologies.

Original Source: www.itnewsafrica.com