The Minister of State at the Federal Ministry of Environment, Iziaq Salako announced that Nigeria’s Energy Transition Plan would necessitate $1.9 trillion in expenditures until the year 2060, with an additional $410 billion needed above the standard business-as-usual spending.
The minister disclosed in Abuja; shortly after arriving from the inaugural AU Africa Climate Summit held in Nairobi, Kenya.
He revealed that this extra financial requirement translates to approximately $10 billion per year. However, it’s worth noting that over the last ten years, the average international funding directed towards clean energy projects in Nigeria has been only $655 million annually.
Salako also clarified that meeting Nigeria’s unconditional target outlined in the Nationally Determined Contributions (NDCs) would demand annual investments of $17.7 billion.
Salako, who represented the president and delivered his speech at the summit, stated that he has crafted an Energy Transition Plan. According to him, the focus remains on fostering industrialization, job generation, and economic growth.
He spoke further saying,
Furthermore, he emphasized that on a continental scale, Africa has successfully united to underscore that it is facing the brunt of a climate crisis, one that has been primarily caused by the developed world.
