Vice President Yemi Osinbajo has said the country would need a $1tn investment to revamp its energy infrastructure in 29 years.
Osinbajo said this recently at the National Energy and Climate Change Summit held at the old Banquet Hall of the Presidential Villa, Abuja.
According to him, “A study of the Energy Investment Risk Assessment for Nigeria has been completed, the report of which has just been presented to us.
“I am happy that the assessment, which featured four performance indicators, has scored our energy investment risks as moderate.
“This is challenging in view of the huge investment of about $1tn required to modernise our energy infrastructure in 29 years between 2014 and 2043.
“The government is doing a lot to attract both domestic and foreign direct investments into the energy sector.”
Osinbajo noted that “To further support private investment, we have increased transparency and openness in governance, instituted several executive orders to remove bottlenecks in business registration and permits, etc.
“We are convinced that this will help us create more jobs, create additional wealth and reduce poverty in our country.
“We will like foreign investors to work with local investors and professionals in line with the Presidential Executive Order No. 5.
“We sincerely appreciate the effort and expertise put in by the lECh to get the report presented today.
“We look forward to greater areas of cooperation as we gear up towards accession to the Energy Treaty.”
He added that “It is my hope that stakeholders will study the report and come up with recommendations that will enhance the investment climate in our energy sector.”