Osinbajo Says Energy Transition Plan Requires N172.8trn to Succeed by 2060

The Vice President of Nigeria, Prof. Yemi Osinbajo has revealed that in order to achieve energy transition plan by 2060, Nigeria will have to spend over $410 billion (about N172.8 trillion).

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.

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

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“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.

Mr Shubham Chaudhuri, World Bank Nigeria Country Director, noted at the virtual event that the bank planned to commit over 1.5 billion dollars to the Energy Transition Plan covering renewable energy, power sector reform, clean cooking, among other initiatives.  (NAN)