Vice President Yemi Osinbajo, on Wednesday, August 24, 2022, stated that Nigeria’s energy transition plan would need no less than $410 billion to be actualised.
In a statement issued by the Vice President’s Senior Special Assistant on Media and Publicity, Laolu Akande, Osinbajo said the $410 billion is the sum needed for Nigeria to achieve her energy transition plan by 2060.
BizWatch Nigeria understands that the energy transition plan was designed to enable a shift from fossil-based systems of energy production and consumption — including oil, natural gas, and coal, to renewable energy sources like wind and solar, as well as lithium-ion batteries.
Highlighting the scale of resources required to attain both energy development and climate change ambition, Osinbajo sought cogent collaborations among African countries.
“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.
“Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.
“The average 3 billion dollars per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice,” the statement quoted Osinbajo as saying.
The highlight of the launch of Nigeria’s Energy Transition Plan
The followings were the highlight of the launch which was held virtually today:
- Expose Nigeria’s commitment and ambition to achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population;
- Create awareness to drive demand in other African countries by emphasizing the need for data-driven country-level energy transition plans in order to achieve a just, inclusive and equitable energy transition for all ahead of the ‘African COP’ hosted by Egypt;
- Mobilize new partners by showcasing existing support for data-driven energy transition planning from international partners, including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet;
- Mobilize investors and the private sector by showcasing concrete projects to deliver the transition goals while creating significant market opportunities
- Announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility as part of a new financing window focused on supporting Stand-Alone Solar for Productive Use.
- Expose Nigeria’s commitment and ambition to achieving carbon neutrality while also ending energy poverty, which will lift 100 million people out of poverty, drive economic growth, and bring modern energy services to the entire population;
- Create awareness to drive demand in other African countries by emphasizing the need for data-driven country-level energy transition plans in order to achieve a just, inclusive and equitable energy transition for all ahead of the ‘African COP’ hosted by Egypt;
- Mobilize new partners by showcasing existing support for data-driven energy transition planning from international partners, including Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet;
- Mobilize investors and the private sector by showcasing concrete projects to deliver the transition goals while creating significant market opportunities
- Announce new opportunities for solar energy companies to obtain results-based finance from the Universal Energy Facility as part of a new financing window focused on supporting Stand-Alone Solar for Productive Use.
