Nigeria needs to spend over $410bn for energy transition – VP, Osinbajo

Vice President Yemi Osinbajo on Wednesday said Nigeria will need to spend over $410bn to deliver its energy transition plan by 2060.

Osinbajo spoke at the global virtual inauguration of Nigeria’s Energy Transition Plan.

This was disclosed in a statement by his spokesman, Laolu Akande.

The plan is a roadmap to control the dual crises of energy poverty and climate change.

Osinbajo highlighted the significant scale of resources required to attain both development and climate ambitions.

According to him, “For Africa, the problem of energy poverty is as important as our climate ambitions.

“Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.

“The average 3 billion dollars per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”