Nigerian govt to spend N834tn on climate change, energy transition

Amid the flood ransacking major parts of the country, Nigeria is in need of N834 trillion ($1.9 ttillion) to tackle climate change, as well as transition from fossil fuel to clean energy.

The amount is expected to help the country meet the Energy Transition Plan, and investment in critical sectors like infrastructure, power sector, oil and gas sector, cooking sector, and transport sector.

The FG explained the government’s plans in the Energy Transition Plan document, stating that Nigeria would need about N4 trillion yearly until 2060, which amounts to the N834 trillion, to achieve net zero.

Ahead of the COP27 holding in Egypt, Punch reports that initial $10 billion support package will be raised by the Federal Government.

Read also:Bayelsa accuses Nigerian govt of misinformation on flood

Already, current in-country programmes have assisted in helping the government identify $23 billion investment opportunity related to energy transition.

Aside that, in the years leading to 2060, the infrastructure sector will receive investment worth $135 billion, $150 billion was earmarked for the power sector.

The oil and gas sector was allocated $12 billion, $21bn on industry, cooking sector to receive $79 billion, while $12 billion will be expanded on the transport sector.

These investments to fight climate change comes at a time over 600 people died from the flood in several states within Nigeria, which has destroyed about 200,000 homes and displaced around 1.3 million people.

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