Nigeria’s Energy Transition Plan To Cost $1.6tr- Osinbajo

Vice President Yemi Osinbajo on Monday said that Nigeria’s Energy Transition Plan (ETP) would require funding of about 1.9 trillion U.S. dollars up to 2060.

Osinbajo, represented by the Minister of Power, Mr Abubakar Aliyu, disclosed this in Abuja while declaring open the ECOWAS Sustainable Energy Forum (ESEF)2022.

”For the sake of emphasis, it is relevant to note that Nigeria’s Energy Transition Plan (ETP) would require funding of about USD1.9 trillion up to 2060.

”USD410 billion of this amount is above usual spending and implies that we need to mobilise an additional USD10 billion per annum.

”The realisation of this goal depends on the implementation of our nation’s Energy Transition Plan (ETP) which was recently launched by this administration.

”Nigeria’s Energy Transition Plan is a prime example of the needed evolution of policies to deliver both the growth in energy consumption necessary for development and the climate response required for the preservation of our planet.

”Our Energy Transition Plan seeks to tackle the dual crises of energy poverty and climate change, and deliver universal energy access (SDG7) by 2030 and net-zero by 2060.

”It is also a bolder articulation of our commitment to sustainability and renewables as earlier proposed in the Electricity Vision 30:30:30,, which aims to provide 30 Gigawatts (GW)of electricity by the year 2030 with renewable energy contributing at least 30 per cent to the energy mix, ”he said.

According to him, the success of universal energy access and carbon neutrality is dependent on effectiveness in crowding in these investments.