Vice President Kashim Shettima, on Friday, called for a rapid scale-up of energy production to enhance the economic transformation of Nigerians.

Mr Shettima made the call at the energy transition symposium with the theme “Energy Transition in an Oil-Dependent Economy” in Abuja.

Represented by Sadiq Wanka, the special adviser to the president on power and infrastructure, he said 45 per cent of Nigerians lacked access to electricity.

Mr Shettima said there was also a need for bold action to stem the deleterious impact of climate change.

“The urgency of improving the economic condition of Nigerians is clear; there are critical environmental and social considerations, which, if not adequately managed, will hamper our ability to change the lives of millions of people for the better.

“Nigeria today has the highest rate of deforestation in the world, as people depend primarily on biomass for energy production.

“In the north, desert encroachments are threatening the livelihood of communities, especially around the Lake Chad Basin,” Mr Shettima said.

The vice president added that the rising sea levels threatened coastal cities and communities in the south.

“The energy transition plan is very clear on the need for Nigeria to become a net zero economy by 2060, as it does so with a critical realisation that we must maximise our petroleum resources in the short term.

“This is to provide the base load energy that will turbo charge, in particular, the strong government drives to push hydrocarbon investments up to 2030, “ he said.

Mr Shettima stated that the current administration had made notable interventions in its first year, including “a specific tax credit and incentives for the development of Greenfield’s known associated gas.”

The vice president said the two-pronged strategy to pursue renewables, alongside oil and gas investments, had also yielded notable results.

According to him, the results support overall energy transition or climate change at stake. This seeks to mainstream climate action international plans and programmes.

“A renewed push toward hydroelectric power seeks to tap into the 14,000 megawatts of near-term hydropower potential. Seven hundred megawatts gear with hydropower plans that just came online in 2024.

“The Nigerian education project supported by the World Bank and the African Development Bank connected over 7.5 million Nigerians to electricity through mini-grids and tsunami systems,” he said.

He said there have also been significant investments in local value chains, including solar panel assembly and lithium processing, that have been announced or commissioned.

According to him, this is a critical and often understated aspect of the energy transition, supporting the energy transition locally and globally.

“But full implementation of the Nigerian energy transition would not be easy.

“It requires concerted efforts locally, and with international collaboration, to source financing and to prepare the Nigerian workforce for a net zero economy,” he said.

Former Minister of Power Barth Nnaji, in a remark, said the nation has natural gas amounting to about 206 trillion cubic feet of gas on the ground and if properly harnessed, it would boost revenue for development.

(NAN)