May 26, 2024

Global leaders, partners offer support to raise $410bn for Nigeria’s energy transition plan 

Samuel Agbelusi

Global partners and organisations have made a commitment towards Nigeria’s bid to raise the $410 billion needed to increase its energy access and further pioneer Africa’s energy transition pathways before 2060.

That was the major highlight of the global virtual launch of Nigeria’s Energy Transition Plan, a roadmap to tackle the dual crises of energy poverty and climate change, recently by, Vice President, Professor Yemi Osinbajo.   The roadmap which highlights Nigeria’s leadership role in enabling a just and equitable climate future for Africa was launched in a virtual conference by Professor Yemi Osinbajo, Vice President, with development partners.

The global launch, which was meant to help the country attract investors and private sector support, highlighted Nigeria’s decisive plan to deliver the transition goals while also creating significant market opportunities for the energy and power sector.

EnergyDay gathered that the plan was designed to tackle climate change and deliver SDG7 by 2030 and net zero by 2060, while centering the provision of energy for development, industrialization, and economic growth.

The Nigerian government said that the plan was anchored on key objectives including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population, and managing the expected long-term job losses in the oil sector due to global decarbonization.

Some of the new international partners are Sustainable Energy for All, The World Bank, The Rockefeller Foundation, and the Global Energy Alliance for People and Planet to mention but a few.

Mr. Mark Carrato, Coordinator of Power Africa, on his commitment, said that the United States government is committed to Nigeria’s Energy transition plan with its twin objectives of increasing access to energy by 2030 and the Nigerian ecology system.

Carrato further said that Nigeria’s net zero pathway will pave the way for the private sector’s investment in the country’s energy industry. He also noted that Power Africa would continue to play significant roles in the country’s energy transition framework.

He said, “Since the program started in 2018, we have achieved more than a 2.9million on and off-grid connections by adding 11,000 megawatts and we have also trained about 4,000 persons to clean up the energy sector. Also, we have mobilized $2.3 billion for energy projects to have access to clean energy, and create job opportunities.”

Kevin Kariuki, Vice President of Africa Development Bank AFDB, speaking at the virtual launch, acknowledged Nigeria as the largest economy in Africa but noted that the potential of the power sector is constrained by energy poverty.

Kariuki said, “Nigeria has the highest electricity debt deficit globally standing at 45%, which the transition energy plan will help mobilize support to reduce the deficit and also ensure there is the wide reach of electricity through the usage of energy.”

Kariuki said that the $9.1 trillion Energy transition plan shows Nigeria’s commitment to ending energy poverty. He added that the plan will also enable Nigerians to have access to affordable, and sustainable clean energy.

He urged other African countries to emulate Nigeria by collaborating with International partners to form inclusive energy transition plans that will harness the full potential of the natural resources in Africa.

Kariuki assured that the AFDB is ready to support the country and other African countries to achieve the continent’s sustainable goals.

Dr. Rajiv Shah, in his remarks, said that Nigeria has shown its willingness through the ambitious goals to energize every Nigerian in the next few years and decades.

Shah said,  “The Rockefeller Foundation and the Global Energy Alliance for People and Planet are happy to be partners to the Nigerian government on this Energy Transition plan to help Nigerians have access to affordable and reliable electricity. We will ensure that we deploy the latest technology to achieve this goal.”

Mr. Simon Harford, CEO of Global Energy Alliance, revealed that his organization has kicked off investment actions in the realisation of Nigeria’s energy transition goal.

He said, “We are bringing a coalition of support to assist Nigeria, where everyone can play to their strength and be coordinated. We are a coalition of over 20 partners of funders, philanthropists, governments, and others.

We are taking action in Nigeria on the subject matter, working in conjunction with SEforAll, Rural Electrification Agency, the World Bank, Africa Development Bank (AFDB), and other development partners towards the implementation of this plan.”

Mr. Shubham Chaudhuri, Nigeria Country Director, World Bank, restated the Bank’s support for Nigeria’s Energy Transition Plan.

He said, “We plan to commit over USD 1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise. The policy and institutional reforms that will be necessary are also part of the agenda and we hope to be able to provide support there.‬”