Nigeria requires $10bn yearly till 2060 for energy transition – Shettima

Vice President Kashim Shettima has said that Nigeria requires over $10bn per year up to 2060 to fund a balanced energy transition for the country.

He said this on Friday in Abuja at a one day symposium themed: ‘Energy Transition in an Oil- Dependent Economy’ organised by the Development Agenda Magazine. 

Shettima, represented by Dr Sadiq Wanka, the Special Adviser to the President on Power and Infrastructure, also said that President Bola Tinubu was committed to achieving this and would take difficult decisions in that regard.

He said, “But full implementation of the Nigeria Energy Transition would not be easy. It requires concerted effort locally and international collaboration to source financing and to prepare the Nigerian workforce for a Net-Zero economy and to have a truly just energy transition.

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“If we take the issue of financing alone , funding the energy transition requires investments of over $10bn per year up to 2060.

“Majority of this money would necessarily come from the private sector including through initiatives to access high -integrity carbon markets. But we are up to the challenge.

“The administration of President Ahmed Tinubu is willing to take the difficult decisions and the rich resource base and depth of human capital in our dear country will ensure our success.”

He noted that with 45 percent of Nigerians lacking access to electricity, and GDP per capita that is half that of Egypt and a third of that in South Africa, the urgency of, improving the economic condition of Nigerians is clear.