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Vice President Kashim Shettima stated that it would be difficult to carry out Nigeria's energy transformation completely without cooperation on both a local and global level.
The transition to cleaner, more sustainable energy sources from fossil fuels is known as the energy transition.
Nigeria has created a national action plan with the goal of becoming carbon neutral by 2060.
Shettima said that over $10 billion in annual investments will be needed to fund the energy transformation until 2060.
He spoke at the Development Agenda Energy transformation Symposium in Abuja.
Speaking on behalf of Special Advisor to the President on Power Infrastructure, Sadiq Wanka, said most of the funding would need to come from the private sector, including initiatives to access high-integrity carbon markets.
Shettima said, “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.
“If we take the issue of financing alone, funding the energy transition requires investments of over $10 billion per year up to 2060. The majority of this money would necessarily come from the private sector including through initiatives to access high-integrity carbon markets.’
He noted, however, that the current administration, led by President Bola Tinubu, is prepared to tackle the energy transition challenge.
