President Bola Tinubu has revealed that Nigeria’s energy transition plans will require a $10bn annual investment to get a reasonable impact.
Tinubu who revealed this at the Africa Climate Summit (ACS) recently concluded in Kenya, also emphasized that Nigeria needs an annual investment of $17.7 billion to achieve the unconditional targets outlined in the country’s Nationally Determined Contributions (NDCs).
NDCs represent a nation’s comprehensive strategy for reducing emissions and adapting to climate-related challenges.
Nigeria’s Minister of State for Environment, Dr. Ishiak Salako who delivered President Tinubu’s remark at the summit further explained that Nigeria’s Energy Transition Plan necessitates a total investment of $1.9 trillion spanning up to the year 2060.
In his words during the summit, “In Nigeria, we have articulated our unchanging position to advance climate action without jeopardizing economic development. We designed an ambitious Energy Transition Plan to achieve universal access to energy by 2030 and net-zero emissions by 2060 while prioritizing industrialization, job creation, and economic growth.”
“Significantly, our plan helps to crystallize the scale of resources needed to deliver climate targets, so that the current financial flows will not suffice. Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending.”
“This additional financing requirement translates to about $10 billion per annum but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade.”- Salako noted