- Nigeria’s Energy Transition Plan requires about 1.9 trillion U.S. dollars up to 2060.
- The ETP seeks to tackle the dual crises of energy poverty and climate change.
On Monday, Vice President Yemi Osinbajo said Nigeria’s Energy Transition Plan (ETP) would require about 1.9 trillion U.S. dollars in funding up to 2060. Osinbajo, represented by the Minister of Power, Mr Abubakar Aliyu, said this in Abuja while declaring open the ECOWAS Sustainable Energy Forum(ESEF) 2022.
Mr Abubakar Aliyu said, “USD410 billion of this amount is above usual spending and implies that we need to mobilise an additional USD10 billion per annum.”
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 the development and the climate response required for preserving our planet.
The 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.
Mr Abubakar Aliyu stated that “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 GW of electricity by the year 2030 with renewable energy contributing at least 30 per cent to the energy mix.