On Monday, Vice President Yemi Osinbajo announced that up until 2060, Nigeria’s Energy Transition Plan (ETP) will need to be funded with almost $1.9 trillion.
Abubakar Aliyu, the Minister of Power, spoke on Osinbajo’s behalf when he opened the ECOWAS Sustainable Energy Forum (ESEF) 2022 in Abuja.
On August 24, 2022, the Nigerian FGN launched its Energy Transition Plan (ETP), designed to simultaneously tackle the challenges of energy poverty and the climate change crisis.
“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 mobilize an additional USD10 billion per annum.
“The realization 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 percent to the energy mix,” he said.