Nigeria would need $1.9 trillion, or N834 trillion, according to the Federal Government, in order to achieve net zero by 2060 as part of its support for the international battle against climate change and in order to fulfill the country’s Energy Transition Plan.
According to an Energy Transition Plan paper acquired by on Sunday, Nigeria would need $1.9 trillion to reach net zero by 2060, including $410 billion in additional investment over what is anticipated. This equates to around $10 billion or N4 trillion yearly over the next few decades.
Prior to the COP27 meeting in Egypt, the Federal Government of Nigeria announced that Nigeria would raise an initial $10 billion in support. It also stated that a $23 billion investment opportunity had been discovered based on current in-country programs and projected that were directly related to the plan. According to the document, there would be incremental investments from 2021 through 2060 to attain the plan.
A breakdown of the required spending by sector shows that $135bn will be spent in the infrastructure sector, while $150bn is to be spent on the power sector. Also, $12bn will be expended on the oil and gas sector; $21bn on industry; $79bn on the cooking sector; and $12bn on the transport sector.
