In a bid to diversify its energy sources and optimise other assets for power production, Nigeria is targeting 30 per cent of its energy needs from renewables by 2030.
Mr Babatunde Fashola, the Minister of Works, Power and Housing, made this assertion in a keynote address at the 2018 pre-conference workshop of the Nigerian Association of Petroleum Explorationists (NAPE) in Lagos on Monday.
Fashola said that the current component of grid power consists mainly of gas-fired power (85%) and hydropower (15%), there was the need to produce an energy mix that targets a 30 per cent component of renewable energy out of the gross energy produced by 2030.
“Let me be clear and unequivocal by saying upfront that our commitment as a nation and government to pursue renewable and low carbon energy at low cost is clear, firm and unshaking.
“But this is not all. It is a commitment driven by necessity, contract and policy,” he said.
The minister said that government had also matched its intent with actions such as signing 14 solar power purchase agreement (PPAs) with 14 developers with the potential to deliver over 1,000 MW of solar power.
“In addition to the necessity to diversify our energy sources from gas and provide some energy security, we are also driven to pursue renewable energy by contract,” he said.