Grema Sulaiman Proposes NET-FUND For Nigeria

The Director General of the Centre for Energy Investment and Innovation (CEII), Grema Sulaiman has proposed an innovative financing model to propel Nigeria’s energy transition.

He made this assertion at the African Natural Resources and Energy Investment Summit (AFNIS24), held in Abuja recently.

During the panel discussion on financing the transition, Sulaiman emphasized the ongoing significance of hydrocarbons, predicting they will comprise 50 percent of the global energy mix by 2050, along with other extractive minerals like coal.

In his remarks, Sulaiman highlighted the current administration’s blueprint, known as Renewed Hope Agenda , which aims to increase domestic gas production by 30 percent under the leadership of President Ashiwaju Bola Ahmed Tinubu.

He articulated that Nigeria is strategically transitioning with gas as a destination fuel, aligning with the global theme of “From Gas to Prosperity.”

Sulaiman stressed that each African nation must chart its own course for energy transition, proposing blended finance as the optimal approach for Nigeria.

He advocated for the establishment of the Nigeria Energy Transition Fund (NET-FUND), suggesting that the private sector serve as limited partners while government institutions function as regulators.

This model, he argued, would finance sustainable energy infrastructure projects nationwide while partnering with the new African Energy Bank and other development partners globally.

He argued that for Africa to chart a remedial path forward, each country should anchor its pathway to net- zero emissions, acknowledging that Africa accounts for only three percent of global carbon emissions.

The AFNIS24 summit brought together leaders and experts from across the continent to discuss strategies for leveraging natural resources for sustainable development.