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Nigeria needs $1.9tr to sustain Energy Transition Plan till 2060 – Osinbajo

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Vice President Yemi Osinbajo said on Monday Nigeria would require at least $1.9 trillion to sustain its Energy Transition Plan (ETP) till 2060.

Osinbajo stated this when he declared open the ECOWAS Sustainable Energy Forum (ESEF) 2022 in Abuja.

The Vice President, who was represented at the forum by the Minister of Power, Abubakar Aliyu, said the Federal Government planned to roll out policy measures that would attract financing and investments of up to $10 billion in the coming decades.

He stressed that the measures would be leveraged to catalyse the ETP, specifically on renewable energy.

Osinbajo said: ”For the sake of emphasis, it is relevant to note that Nigeria’s Energy Transition Plan (ETP) would require funding of about $1.9 trillion up to 2060.

“$410 billion of this amount is above usual spending and implies that we need to mobilise an additional $10 billion per annum.

READ ALSO: Osinbajo meets Siemens team on energy transition

”The realisation of this goal depends on the implementation of our nation’s Energy Transition Plan (ETP) which was recently launched by this administration.

”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 the preservation of our planet.

”Our 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.

”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 Gigawatts (GW)of electricity by the year 2030 with renewable energy contributing at least 30 percent to the energy mix.

”For instance, we are updating the Mini-Grid Regulation to raise the cap for licensing from 1 megawatt (MW) to 5 megawatts (MW); developing the policy for the integration of Utility Scale Solar into the Grid.

“With the requirement for 10 percent of on-grid power to come from solar by 2025 creating a Solar Stabilisation Fund with a target of $100 million to backstop on-grid solar contracts.”

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