Nigeria needs over $410b for energy transition – Osinbajo

VICE President Yemi Osinbajo says Nigeria will need to spend over 410 billion dollars to deliver its energy transition plan by 2060.

Osinbajo’s spokesman, Laolu Akande, in a statement today 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.

He said that Africa’s increasing energy gaps required collaboration to take ownership of the continent’s transition pathways and the action should be decisive and urgent.

“For Africa, the problem of energy poverty is as important as our climate ambitions.

“Energy use is crucial for almost every conceivable aspect of development; wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.

“ Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.

“The average 3billion dollars 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.

According to him, the group is currently engaging with partners to secure an initial 10 billion dollars support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow.

Speaking on the effects of Climate Change in Africa, Osinbajo explained that climate change threatened crop productivity in regions that were already food insecure, and since agriculture provides the largest number of jobs, reduced crop productivity will worsen unemployment.

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