Nigeria: Govt Fails to Secure $10bn Annual Funding for Energy Transition – Report

Nigeria is falling short of the $10 billion annual target for achieving net-zero carbon emission by 2060, a report by the Natural Resources Governance Institute, NRGI, and BudgIT Foundation, has disclosed.

To bridge the funding gap, the report which assessed Nigeria’s preparedness for energy transition urged the Federal Government to consider domestic revenue mobilization, international public finance and leveraging just energy transition partnerships.

Speaking at a session for the validation of a Guidebook on Energy Transition in Abuja, the Executive Secretary of Nigeria Extractive Industries Transparency Initiative, NEITI, Dr Orji Ogbonannaya Orji, said the guidebook was necessary because even though Nigeria has a broad energy transition plan, the document is a policy plan that requires a lot more contextual explanations.

Orji noted that the civil societies have a responsibility to constantly put the discussion of details of who is going to do what, and all the explanations required on the policy plan on the table for easy implementation.

The NEITI boss stated: “We already see a gap that we need to fill. That gap is on data. How do we provide the requisite data that is needed to drive the energy transition”.

Earlier, Senior Officer at the Natural Resource Governance Institute, Nigeria Program, Tengi George-Ikoli, described the Energy Transition Handbook as a homegrown document that would be useful for both the government, civil society, media and indeed all relevant stakeholders to drive a seamless and sustainable energy transition.

Also speaking during the event, Head of Natural Resource Governance & Sustainability Unit at BudgIT Foundation, Adejoke Akinbode, said the Guidebook will provide a guide informed by engagements with state and non-state actors including government, private actors, communities, youth and women groups on the strengths and weaknesses of Nigeria’s energy transition plans, energy access and key development needs.

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