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Nigeria news: Devote 0.4% of revenue to energy sector, says Energy expert

An International Energy Expert, Dr Fatih Birol wants Nigeria to devote 0.4 % of its oil and gas revenues towars solving its energy problems.
“If Nigeria were to spend 0.4 per cent of its oil and gas revenues to energy power and electricity, they would solve this problem immediately, Other countries [aside from Nigeria] are not getting revenues from oil and gas. If left to the markets they will never get access to electricity.”
Engr Hyacinth Udemba, CEO, Prostar Global Energy, a firm with specialisation in alternative energy, said the largest black African country may continue to grapple with the energy challenge if the Federal Government fails to put a power sector policy in place. According to him, such a policy framework will spell out how many megawatts of electricity will be added to the national grid annually and the mode of sustained investment flow to the sector.
Most of the 1.4 billion people worldwide who lack access to energy will remain in the dark unless the international donor community itself decides to target the problem, says Dr. Birol.
The greatest challenge to achieving universal access to electricity lies in sub-Saharan Africa, which takes up most of the African continent. There, half of Nigeria’s 150 million citizens help make up the 587 million Africans (nearly twice the population of the USA) lacking access to electricity, according to an IEA report released early this week on the sidelines of the annual United Nations General Assembly session.
Annual residential electricity consumption in sub-Saharan Africa, excluding South Africa, is roughly equivalent to consumption in New York state (about 40 terawatt hours). Some 60 per cent of people in urban areas of sub-Saharan Africa are reliant for cooking on biomass – such as wood, charcoal, tree leaves, crop residues, and animal dung – which contributes to household air pollution that the World Health Organisation (WHO) estimates causes 1.45 million people prematurely deaths each year.
Then there’s the fact that only one country has ever had its entire electricity supply taken over: Cameroon. In 2001, the country’s government sold stakes in its state energy company to AES, one of the world’s largest power companies. The US company was at first stymied by corruption, but in the end privatisation vastly improved services, according to analyst G. Pascal Zachary, who visited Cameroon