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The Energy Commission of Nigeria (ECN) says Nigeria requires $410 billion to deliver energy transition plan by 2060.
The Director-General, ECN, Dr Mustapha Abdullahi, made this known in a statement on Wednesday, October 2, 2024, in Abuja.
Abdullahi, who spoke at the 7th Energy Transition Working Group (ETWG) meeting, holding in Foz do Iguacu, Brazil, said that Nigeria was the first African country to officially launch a detailed Energy Transition Plan.
The two-day meeting is tagged: 'Building a Just World and a Sustainable Planet'.
Abdullahi said that the plan would address problems of energy poverty, climate change, and deliver universal access to affordable energy (SDG7) by 2030 and net-zero by 2060.
He said that modern, affordable, reliable and sustainable energy was critical for economic growth.
He also said that the provision of access to modern energy would contribute greatly to improved health care, better education and economic growth in both urban and rural areas in Africa.
He stated, “We need significantly more energy because energy access is essential to reducing poverty, preventing disease, and for supply of clean water for essential hygiene.
“One of the conclusions of the COP28 summit held in Dubai in 2023 was the commitment of the participating countries to transition away from fossil fuels to renewable fuels.
“This will help to achieve net-zero emissions by 2050 globally.”
He said that Nigeria had set up a policy target of domestication and localisation of Green Energy with the mining and processing of lithium for batteries, and solar PV assembly plant factories.
The DG, who heads the Nigerian delegation at G20 ETWG, said that finance was key to a clean energy transition, and it is currently inaccessible by developing nations that need it most particularly in Africa.
He further said, “Africa is one of the most affected regions by climate change, and the present funding for climate financing in African countries is inadequate.
“According to the African countries nationally determined contributions, the continent reportedly requires about $53 billion per year between 2020 and 2035.
“To achieve a just energy transition, each African country should plan its own energy transition that is specific to its energy scenario policy, and not a general one size fits all model.”
The ETWG brought together energy ministers, leaders, and experts worldwide to discuss and consider energy transition policies.
