Damilola Ogunbiyi, Chief Executive Officer and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Ajay Banga, the recently appointed World Bank President, have jointly called on Nigeria’s government and private sector stakeholders to embrace clean energy as a crucial step towards mitigating climate change impacts and achieving sustainable development goals.
Their collaborative efforts were manifest during their meeting with private sector leaders in Abuja, where they sought to mobilize financing for energy, climate, and development objectives in African countries.
This gathering aligned with the World Bank’s newly introduced Private Sector Investment Lab, launched in June this year, to harness innovative financing solutions for pressing global challenges.
Ajay Banga, also heading the Lab, and Ogunbiyi, a founding member, engaged in a roundtable discussion with private investors, underscoring the pivotal role the private sector plays in realizing universal energy access.
Their discussions showcased the diverse investment prospects across grid-based and distributed renewable energy (DRE) solutions within Nigeria and throughout Africa.
The conversation particularly highlighted the transformative influence of Nigeria’s Energy Transition Plan (ETP), initiated in August 2022.
As the first African nation to create a comprehensive strategy, Nigeria aims to transition from fossil fuels to clean energy, achieve Sustainable Development Goal 7 (SDG7), and achieve net-zero emissions by 2060.
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In pursuit of these goals, an Energy Transition Office, supported by Sustainable Energy for All (SEforALL) and the Global Energy Alliance for People and Planet (GEAPP), has been established.
It’s driving the ETP’s activation and has secured a substantial investment pipeline of $3.8 billion dedicated to Nigeria’s energy transition initiatives.
The initiative’s engagement with over 200 local and international partners highlights its ambition to drive the adoption of electric vehicles (EVs), solarization, and more.
The duo, accompanied by Ahmad Salihijo Ahmad, Managing Director of the Nigeria Rural Electrification Agency (REA), toured innovative clean energy projects near Abuja. These projects showcased progress and exemplified the potential to replicate successes nationwide.
Ogunbiyi expressed her optimism, emphasizing that renewable energy solutions hold the key to a sustainable future.
She commended the World Bank’s focus on scaling transition finance in renewable energy and infrastructure in the Global South, addressing the barriers impeding private sector investment in emerging markets.
In line with the global movement towards clean energy, Ogunbiyi stressed that Nigeria’s energy transition journey is vital for tackling energy poverty and climate change.
Highlighting the spectrum of investment opportunities in renewable energy solutions, she affirmed the private sector’s role in driving innovation, hastening infrastructure development, and accelerating the adoption of clean energy in Nigeria.
