As the implementation of Nigeria’s $410 billion Energy Transition Plan takes off, the federal government has disclosed that funding commitment of about $8.2 billion already been secured out of the $10 billion required annually to execute projects tailored towards decarbonisation.
The Co-head of, the Energy Transition Office and Principal Specialist, Energy, and Climate, Lolade Abiola, revealed this in Lagos, at the Women in Energy Dialogue, a session focused on galvanising female energy professionals and players to contribute their quota to the realisation of the Nigerian energy transition agenda.
Nigeria’s Energy Transition Plan is a bold and ambitious national policy designed to tackle the dual crises of energy poverty and climate change in the country and to attain net-zero carbon status by 2060.
The government has identified an initial $23 billion investment opportunity across a portfolio of projects, with $17 billion estimated as the funding required through the private sector on projects cutting across power generation, transmission, and distribution; metering, gas commercialization, clean cooking, e-mobility, and healthcare.
Experts have opined that to deliver a net-zero target by 2060, Nigeria requires about $410 billion above business-as-usual spending between 2021 – 2060.
