To raise $10 billion for Nigeria’s energy transition, the Federal Government unveiled a plan Monday.
Vice President Yemi Osinbajo stated during the Abuja unveiling that the plan was a bold step that the country could not afford to postpone.
He added that cooperation is needed to take charge of Africa’s transition routes due to the continent’s widening energy gaps, and that swift and decisive action is needed.
“The issue of energy poverty is just as significant for Africa as our climate goals,” he said. Almost every imaginable facet of progress depends on energy utilization. Energy consumption per capita has a substantial impact on life expectancy, wealth, health, nutrition, water, infrastructure, and education.
Osinbajo also emphasized the sizeable amount of resources needed to achieve both development and climate goals in a statement released yesterday by Laolu Akande, Senior Special Assistant to the President on Media & Publicity, Office of the Vice President. Delivering our Transition Plan by 2060 would require Nigeria to spend $410 billion more than it currently spends, or almost $10 billion annually.
“The $3 billion annually on average that was invested in renewable energy across Africa between 2000 and 2020 will definitely not be enough.”
The World Bank intends “to commit over USD 1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise,” according to Mr. Shubham Chaudhuri, Country Director for Nigeria, who spoke at the virtual event.
