Nigeria needs $410bn for energy transition – Osinbajo

Vice President Yemi Osinbajo said on Wednesday Nigeria would need at least $410 billion to achieve its energy transition plan by 2060.

Osinbajo, according to a statement issued by his Senior Special Assistant on Media and Publicity, Laolu Akande, stated this at the virtual inauguration of Nigeria’s Energy Transition Plan.

The plan is a roadmap to tackle the crises of energy poverty and climate change in Nigeria.

The vice president highlighted the significant scale of resources required to attain both development and climate ambitions.

He said that Africa’s increasing energy gaps required collaboration to take ownership of the continent’s transition pathways, adding that the action should be decisive and urgent.

Osinbajo said: “For Africa, the problem of energy poverty is as important as our climate ambitions.

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“Energy use is crucial for almost every conceivable aspect of development; wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.

“Nigeria will need to spend $410 billion above business-as-usual spending to deliver our transition plan by 2060, which translates to about $10 billion per year.

“The average $3billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”

He also revealed that the inter-ministerial Energy Transition Implementation Working Group is currently engaging with partners to secure an initial $10 billion support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow, Scotland.

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