Nigeria's energy infrastructure investment needs will reach $1 trillion in 2043

Nigerian Vice President Yemi Osinbajo said Thursday that Nigeria needs about $1 trillion in investment over the next 29 years to modernize
its energy infrastructure.

However, he noted that the energy investment risk assessment study recently submitted to the government rated the country's energy investment risk as medium
.

Osinbajo said the huge investment needed is to repair energy infrastructure
between 2014 and 2043.
The government is working to attract local and foreign investment to the energy sector
.

"The study on energy investment risk assessment in Nigeria has been completed and I am pleased that this assessment is based on four performance indicators that rate our energy investment risk as medium
," Osinbajo said.
This is challenging
given that modernizing our energy infrastructure between 2014 and 2043 will require a huge investment of about $1 trillion.
Therefore, the government has done a lot to attract domestic and foreign direct investment into the energy sector
.
”

Osinbajo noted that Nigeria's energy and energy-related policies are not only geared towards security of energy supply, but also mitigate global warming
.

Osinbajo added: "To further support private investment, we have increased transparency and openness in governance by developing several executive orders to remove bottlenecks
in areas such as business registration and licensing.
We believe this will help us create more jobs
.
”