LAGOS—The Managing Director of Rural Electrification Agency, REA, Engr. Abba Aliyu, has said Nigeria needed approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.
He disclosed this during a facility tour of a solar manufacturing and renewable energy services firm, LPV Technologies in Lagos yesterday.
Aliyu, who also pledged to partner with the company to arrest capital flight on renewable energy in the country, described the company as one of the most efficient factories in Nigeria, while emphasising its strategic importance to the national energy transition plan.
He said: “Nigeria needs approximately $410 billion to achieve a complete energy transition and at least $40 billion to bridge its electricity access gap.
“The country with the greatest potential for distributed renewable energy, Nigeria, only created 70,000 jobs in the sector last year, compared to China’s seven million out of a global 14 million. We must turn our electricity access challenge into a job creation opportunity.”
Commending LPV Technologies’ investments, the REA boss said the company had gone beyond manufacturing by also investing in implementation and talent development.
He stated: “This is in line with President Bola Ahmed Tinubu’s new economic strategy to localise production and enhance the GDP. What LPV is doing is turning a national challenge into a national opportunity.”
In his remarks, the Chairman of LPV Technologies, Mr Nzan Ogbe, emphasised the strategic importance of decentralised energy infrastructure to reduce the cost of power across Nigeria.
He reaffirmed LPV’s commitment to supporting government efforts by building clean energy systems that were easy to deploy, resilient to traditional grid limitations, and adaptable to local contexts.
“The biggest challenge in Africa today is not just corruption but energy security and the immunities around power. That’s what we have settled to address,” Ogbe said.
