Nigeria’s Finance Minister, Zainab Ahmed has revealed that Nigeria’s Energy Transition plan requires spending $1.9 trillion, up to 2060, including $410 billion above Business as usual
Ahmed disclosed this at the public launch of the Nigerian Energy Transition Plan on Wednesday, August 24, 2022.
The Minister added that that plan requires $10 billion till 2060 to deliver additional funding for implementing the energy transition plan.
Ahmed said the energy transition plan is a bold and ambitious plan and has the potential to generate monumental impact across the nation.
She said, “It is important to highlight that this plan requires significant financial investments and support. The plan requires spending $1.9 trillion, up to 2060, including $410 billion above Business as usual.
Nigeria’s Energy Transition Plan Requires Spending $1.9 Trillion Up To 2060 – Zainab Ahmed
“This estimation and requirement break down to $150 billion net expense on improving generation capacity, $135 billion on building transmission, distribution and infrastructure.
“$79 billion for developing clean and cooking solutions, $21 billion on decarbonising industries and $12 billion on transport and another $12 billion on oil and gas decarbonisation.
“We will need to crowd in about $10 billion till 2060 to deliver additional funding required for implementing the energy transition plan.”
She added that access to finance remains the biggest challenge to addressing climate financing in Africa, citing that at COP 26 (Conference for Climate Change) in Glasgow, G7 nations announced $8.5 to support South Africa’s coal phase-out.