At the inaugural US-Nigeria Strategic Energy Dialogue held on September 11-12, 2024, Nigeria’s government showcased its ambitious energy reforms aimed at bridging the energy gap and boosting sector investment. The dialogue, hosted by the US State Department, serves as a platform to enhance bilateral cooperation and advance shared energy and climate goals.
Special Adviser to the President on Energy, Olu Verheijen, highlighted key reforms introduced since President Bola Ahmed Tinubu’s administration began in June 2023. These reforms focus on improving energy security, attracting investment, and fostering collaboration with international partners.
“We want existing and potential partners to better understand our areas of priority so that our collaboration can be better targeted, and with tangible outcomes,” Verheijen stated. She emphasized the dialogue’s goal to address the energy access gap for nearly 100 million Nigerians lacking reliable power.
Key initiatives include the issuance of five presidential directives to cut costs and expedite the contracting process for gas projects. These directives are expected to unlock up to $2.5 billion in new oil and gas investments. Additionally, Verheijen announced the commencement of a $550 million upstream gas project, set to deliver 350 million standard cubic feet of gas per day upon completion.
Verheijen also acknowledged the support from the United States, the World Bank, and the African Development Bank in Nigeria’s efforts to enhance electricity access and reliability. “We see resilient demand for gas through the energy transition as it is a readily available, cost-effective backup to renewables while cutting emissions by half immediately,” she added.
US Assistant Secretary of State for Energy Resources, Geoffrey R. Pyatt, praised the dialogue, stating, “Together, we’re advancing shared energy security, decarbonization, and economic growth goals.”
The dialogue also saw the launch of the Clean Energy Alliance of Nigeria (CLEAN) by the US State Department, aimed at promoting investment in clean energy within Nigeria.
The Nigerian delegation, led by Minister of State for Petroleum Resources Ekperikpe Ekpo, included representatives from key regulatory bodies and agencies. The US delegation comprised officials from the Bureau of African Affairs, USAID, the Department of Energy, and other relevant agencies.
The strategic dialogue underscores the strengthened partnership between Nigeria and the US, focusing on collaborative efforts to achieve significant advancements in energy and climate goals.