untitled design

Nigeria is seeking $10 billion to fund its energy transition plans

Nigeria aims to raise an initial $10 billion in funding to implement its energy transition plan ahead of the COP27 climate talks later this year, the country’s vice president said, according to Bloomberg.

Africa’s most populous country needs at least an additional $10 billion annually and a total of $410 billion to meet its clean energy consumption targets by 2060, Vice President Yemi Osinbajo said during the launch of the country’s energy transition roadmap . Nigeria has already secured a $1.5 billion commitment from the World Bank and is in discussions with the US Export-Import Bank for an additional $1.5 billion, according to a government statement.

Osinbajo said every African country has signed the Paris Agreement and some, including Nigeria, have announced a series of pledges. But the lack of electricity is “hitting the livelihoods and destroying the dreams of hundreds of millions of young people”.

“For Africa, the problem of energy poverty is as important as our climate ambitions,” Osinbajo said in a videotaped speech. “Energy use is vital to almost every possible aspect of development – wealth, health, nutrition, water, infrastructure, education and life expectancy.”

Nigeria’s energy transition plan is designed to lift 100 million people out of poverty within a decade, promote economic growth, bring modern energy services to the people and manage expected long-term job losses in the oil sector due to the global carbon weaning, according to the announcement.

Source: Capital

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular