Energy transition to gulp N172.8trn – Osinbajo

Vice President Yemi Osinbajo has said Nigeria will need to spend over $410 billion (about N172.8 trillion) to deliver its energy transition plan by 2060. Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at the global virtual inauguration of Nigeria’s Energy Transition Plan. The plan is […]

Vice President Yemi Osinbajo has said Nigeria will need to spend over $410 billion (about N172.8 trillion) to deliver its energy transition plan by 2060.

Osinbajo’s spokesman, Laolu Akande, in a statement on Wednesday in Abuja, said that the vice president spoke at the global virtual inauguration of Nigeria’s Energy Transition Plan.

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

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

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

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

The vice president he chaired the inter-ministerial Energy Transition Implementation Working Group.

On other aspirations of the roadmap, Osinbajo said explained that the plan had the potential to create about 340,000 jobs by 2030, and 840,000 by 2060.

He said it also presented a unique opportunity to deliver a true low-carbon and rapid development model in Africa’s largest economy.

At the virtual event, Mr Shubham Chaudhuri, Nigeria Country Director for World Bank said the bank planned to commit over 1.5 billion dollars towards the Energy Transition Plan on renewable energy, power sector reforms, clean cooking, and wherever opportunities arose. (NAN)