Nigeria Eyes $400bn For Energy Transition Plan
The Federal Government is pushing for funding to the tune of $400bn to help implement Nigeria’s Energy Transition Plan.
The Minister of Environment, Mohammed Abdullahi, said the push was being made at the ongoing the 27th Conference of Parties, also known as COP27, holding at Sharm El Sheikh in Egypt.
He disclosed this in his address on the Federal Government’s expectations at the ongoing conference, which was made available to our correspondent by the Federal Ministry of Environment in Abuja on Tuesday.
Abdullahi said, “Part of what we will do is to galvanise the action plan for Africa to push for a positive climate funding action from the developed countries.
“That is why the Nigeria Energy Transition Plan is aligned to ensuring that we get the requisite funding for smooth transition to renewables, without which it will be very difficult to deploy infrastructure to support our mini-grid, deployment of solar and support bio-fuel.”
The News Agency of Nigeria reported from Egypt that the minister said the amount being pushed for by Nigeria for the implementation of the country’s Energy Transition Plan was $400bn.
In his speech that was made available in Abuja, Abdullahi stated that “African countries and developing nations indeed understand that funding is important in whatever position COP27 will take.”
“We are focused on ensuring that we bring the issue of loss and damage to the fore and we are already making progress in this regard,” he added.
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The minister said Nigeria was using the opportunity to call the attention of developed countries on the impact of their industrialisation on developing countries and the need for them to mitigate this.
Abdullahi said, “In addition, Nigeria, as the leader of the Pan African agency for the Great Green Wall, will focus on climate finance to support its activities in the Sahel Region.
“This is particularly in the most endemic Northern states described as the front line states, where desertification is fast approaching and, of course, wetland drying up. These and others are huge issues that we will be focusing on.”
He said the government would also engage with private sector investors who could support the energy transition plan of Nigeria, as a number of bilateral meetings and engagement had been arranged to discuss funding from development partners and the private sector.
Abdullahi expressed confidence that he and his team of negotiators would return to the country with a strong, dependable and bankable commitment from the development partners and other investors.
