Vice President Yemi Osinbajo has revealed that Nigeria needs to spend at least $10bn annually in the power and energy sectors within the next 40 years to meet the net-zero emission target in 2060.
Osinbajo said this at the Global Launch of the Nigeria Integrated Planning Tool which he attended virtually just after participating at the Extraordinary Summit of ECOWAS in Accra, Ghana.
The Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande, disclosed this in a statement signed and titled, “How to balance global emissions target with Nigeria’s developmental goals, by Osinbajo”.
Osinbajo said this regarding the cost implications of reaching net-zero emissions by 2060 in line with the President’s announcement at COP26 in Glasgow.
“Our net-zero 2060 pathway also requires around USD 10 billion per year of funding over the next 40 years across the country’s economy, and most of this will be for the power sector.
“The data and evidence that the Energy Transition Plan was based on were instrumental in helping us understand the true scale of effort and resources that would be required.
“Just yesterday the Energy Transition Plan was considered by the Federal Executive Council, while approving it, the President directed that the lead Ministry, the Ministry of Environment engages with all MDAs and stakeholders to develop a robust implementation plan.”
Explaining the usefulness of the tool, He said the “robust and dynamic data on the Nigeria Integrated Energy Planning Tool that we are proud to be launching today is an important component of that effort as it begins to translate the Energy Transition Plan roadmap into concrete electrification, clean cooking, and productive use projects.
“It will help determine clear strategies for prioritisation of regions and technology interventions towards making informed decisions that support our energy access by 2030 goals in a comprehensive manner which further supports and complements our net-zero by 2060 ambitions.
On Nigeria achieving universal access to energy by 2030, the Vice President stated that “the analysis has shown us we would need an estimated 19.3 million new electricity connections across the country.
In addition, we would need 11 million grid densification connections owing to population growth in settlements that currently have access to electricity.”
The vice president called on the “international community to support Nigeria’s transition efforts through realistic and much-needed climate finance commitments. While we put forward a comprehensive emissions reduction pathway with near-term and long-term actions and milestones, our task is for a fair exchange in terms of commitments from development partners.”