Nigeria commits $3.1trn to energy transition in ambitious shift towards renewables

Nigeria has unveiled a bold plan to transition from fossil fuels to cleaner and renewable energy sources, pledging a staggering $3.1 trillion investment over the next decades.

This announcement, made by Minister of State for Petroleum Resources (Oil) Dr Heineken Lokpobiri at the 54th Annual Meeting of the World Economic Forum, signals a significant shift in the nation’s energy strategy.

Lokpobiri said the nation had projected $1.9tn for energy transition plan, while $1.2tn was estimated for renewable energy plan in 2060, making a sum of $3.1tn altogether.

In a post on his X handle Thursday, the minister said he, alongside Vice President Kashim Shettima, and other global leaders, had emphasised the nation’s commitment to responsible fossil fuel exploration, leveraging cutting-edge technologies.

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Lokpobiri said, ”Africa, Nigeria in particular, will not rely on aids and grants to transition to cleaner and renewable energy sources in 2060.

“Our 2060 projected energy transition plan and renewable energy plan stands at $1.9tn and 1.2tn respectively”.

The plan breaks down into two key components:

• $1.9 trillion: Dedicated to implementing an energy transition plan, encompassing efforts to diversify energy sources, improve energy efficiency, and develop alternative energy infrastructure.

• $1.2 trillion: Focused on renewable energy development by 2060, aimed at increasing reliance on sources like solar, wind, and geothermal power.

This combined $3.1 trillion commitment underlines Nigeria’s acknowledgement of the urgent need to combat climate change and adapt to a low-carbon future.

However, questions remain regarding the feasibility and funding sources for such a large-scale undertaking. Attracting foreign investment, optimizing resource allocation, and ensuring transparency in project implementation will be crucial to the plan’s success.

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