AfrElec: Nigeria’s energy transition requires $17.7bn annually, Abuja says

Nigeria’s ambitious Energy Transition Plan needs an annual investment of $17.7bn if it is to be completed on time, Minister of State for Environment Iziaq Salako has said. The plan, unveiled in August 2022, is a crucial component of Nigeria’s pledge to achieve net-zero emissions by 2060.

Speaking at the African Climate Summit in Nairobi, on behalf of Nigeria's president, Bola Tinubu, Salako was keen to underscore the oil-rich country's commitment to meeting international targets regarding climate change and timetable for transiting to sustainable energy.

Salako also said an extra $10bn per year is crucial to achieve Nigeria's other ambitious aims. These goals include providing universal energy access by 2030, achieving net-zero emissions, and focusing on economic growth and job creation.

Despite Nigeria's commitment to climate action, it has received only $655mn in international funding for clean energy over the past 10 years.

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