Nigeria Needs $410bn to achieve energy transition, Says Bagudu

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has stated that synergy is critical to attract investment in clean energy as Nigeria requires $410 billion worth of clean energy to achieve net-zero emissions by 2060.

The Minister made the appeal while delivering a keynote address at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, organised by the Africa Policy Research Institute.

Bagudu pointed out that Nigeria has identified $23 billion in investment opportunities in sectors such as power generation, transmission, and clean cooking and is working to secure financing commitments to kickstart implementation.

He reaffirmed the federal government’s dedication to advancing Nigeria’s national development plans, particularly emphasising the country’s energy transition and economic growth strategies, and underscored the importance of collective national commitment and hard work in realising Nigeria’s development goals.

The Minister highlighted the government’s efforts to align with the Nigeria Energy Transition Plan (ETP), which aims to tackle energy poverty and climate change while promoting sustainable economic growth.

Earlier in his remarks, Dr. Olumide Abimbola Executive Director, Africa Policy Research Institute (APRI) noted that climate emergency has intensified following unprecedented impacts like worsening floods, desertification driving and an escalation of food insecurity which is now a daily reality for millions of Nigerians.

He added that the Workshop is organized to “Reimagine and seize new opportunities for African agency, ownership, and innovation by not just seeking pledges but building resilient investment platforms, leveraging critical minerals responsibly, and strengthening Global South partnerships.”