According to reports, the World Bank and the US Export-Import Bank (EximBank) would invest more than $3 billion in Nigeria’s energy transformation strategy. The pledge was made by the international organizations on Wednesday at Yemi Osinbajo, vice presidentofficial ,’s global launch of the Energy Transition Plan.
The World Bank plans to contribute more than $1.5 billion to the nation’s energy transformation strategy, according to Shubham Chaudhuri, the country director for Nigeria.
“We plan to commit over $1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, and potentially hydropower, on clean cooking, and wherever opportunities arise,” he said.
“The policy and institutional reforms that will be necessary are also part of the agenda and we hope to be able to provide support for the fundamentally imperative of energy access but in a way that is consistent with the energy transition, what I think of as the NEAT imperative.
“The Nigerian Energy Access and Transition (NEAT) imperative is what we here at the World Bank are absolutely committed to supporting.”
On his part, Adam Cortese, chief executive officer (CEO), Sun Africa, a renewable energy solutions company, said it was in the final stage of talks with the US EXIM Bank on a $1.5 billion financing package.
“The launch of Nigeria’s Energy Transition Plan has further accelerated our efforts, proving Nigeria to be fertile grounds for investments in the sector. We are in the final stages of discussion with US EXIM Bank on a USD 1.5 billion financing package,” Adam said.
“We are truly excited about the future and we are looking forward to helping Nigeria lead by way of example in Africa.”
Osinbajo stated that Nigeria’s energy transformation will need a large amount of money, including investing $410 billion by 2060, in his remarks during the formal unveiling of the transition plan.
Nigeria has established an inter-ministerial working group to implement the energy transition, and it is “currently engaging with partners to secure an initial $10 billion support package ahead of COP27,” he continued.
President Muhammadu Buhari stated Nigeria’s goal to reach net-zero by 2060 at COP26 in Glasgow last year, based on information from the nation’s Energy Transition Plan, which was created by the Energy Transition Commission to outline Nigeria’s distinct energy transition pathway.
The plan supports the country’s objectives of achieving universal access to energy by 2030 and a carbon-neutral energy system by 2060, while also providing enough energy to power the industry and other productive uses.
The plan is supported by Sustainable Energy for All and the COP26 Energy Transition Council (ETC).
