The Federal Government, yesterday, launched a plan, seeking to raise $10 billion for Nigeria’s energy transition.
Speaking at the launch in Abuja, Vice President Yemi Osinbajo, said the plan was a decisive action, which the nation cannot afford to delay.
He also said Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways and the action should be decisive and urgent.
He stated: “For Africa, the problem of energy poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.”
In a statement yesterday by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Osinbajo also highlighted the significant scale of resources required to attain both development and climate ambitions. Nigeria would need to spend $410 billion above business-as-usual spending to deliver our Transition Plan by 2060, which translates to about $10 billion per year.
“The average $3billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”
At the virtual event, Mr. Shubham Chaudhuri, Nigeria Country Director for World Bank said the bank plans “to commit over USD 1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise.”