- Nigeria’s Budget and Economic Planning Minister called for $410 billion in international investment to achieve net-zero emissions by 2060.
- NESG leaders stressed the need for private-sector innovation, public-private partnerships, and climate finance to drive Nigeria’s energy transition and economic growth.
The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has called for international cooperation to help Nigeria attract $410 billion in clean energy investment and achieve its net-zero emissions target by 2060.
Senator Bagudu made the appeal during his keynote address at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition. The Africa Policy Research Institute hosted the event with support from the National Council on Climate Change Secretariat (NCCC), the Nigerian Economic Summit Group (NESG), the Shehu Musa Yar’Adua Foundation, and other partners.
The Minister revealed that Nigeria has identified $23 billion in immediate investment opportunities across power generation, transmission, and clean cooking sectors. He confirmed that the government is actively working to secure financing to begin implementation.
He reaffirmed the Federal Government’s commitment to its national development plans, stressing the importance of aligning climate action with economic growth. “Achieving our net-zero targets requires national resolve, private capital, and strategic partnerships,” he said.
Senator Bagudu outlined Nigeria’s alignment with the Energy Transition Plan (ETP), which targets energy poverty and climate change while promoting long-term economic sustainability. He linked recent climate challenges, including severe flooding and environmental degradation, to the urgent need for clean energy adoption.
The Minister also highlighted current government policies, such as the National Integrated Electricity Policy (NIEP) and Integrated Resource Plan (IRP), which are designed to modernise infrastructure and support inclusive development.
He urged all Nigerians, particularly the youth, to embrace national development as a collective responsibility and praised the resilience of Nigerian women under President Tinubu’s Renewed Hope agenda.
Dr Eugene Itua, Lead of NESG’s Special Task Force for Climate Action, reinforced the Minister’s message. He stressed the importance of private sector leadership in driving low-emission growth and mobilising climate finance to close Nigeria’s $1.9 trillion funding gap.
Dr Itua called on stakeholders to draw lessons from Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Senegal when designing Nigeria’s Country Platform for Climate Action. He encouraged strong public-private partnerships to scale solar projects, build carbon markets, and implement the ETP effectively.
In conclusion, he affirmed NESG’s commitment to turning the workshop’s outcomes into actionable strategies. “A sustainable and economically vibrant future for Nigeria depends on how we address climate change today and navigate the path to a just energy transition,” he said.