Vice-President Yemi Osinbajo has said Nigeria needs as much as $1 trillion investment for modernization of energy infrastructure in 29 years.
Osinbajo however said the report of the Energy Investment Risk Assessment to government showed Nigeria’s energy investment risks as moderate.
The Vice President was represent at the National Energy and Climate Change Summit held in Abuja by the Minister of Science and Technology, Dr Ogbonnaya Onu.
He explained that the investment was to address energy infrastructure between 2014 and 2043.
“A study of the Energy Investment Risk Assessment for Nigeria has been completed, the report of which has just been presented to us.
“I am happy that the assessment, which featured four performance indicators, has scored our energy investment risks as moderate.
“This is challenging in view of the huge investment of about $1 trillion required to modernise our energy infrastructure in 29 years between 2014 and 2043.
“The government is doing a lot to attract both domestic and foreign direct investments into the energy sector.”