The estimated cost of implementing Nigeria’s Nationally Determined Contributions (NDCs) within the next seven years is about $543 billion, Former Minister of Environment, Mohammed Abdullahi has said.
This was made known in a keynote address he delivered at the Stakeholders’ validation meeting on Nigeria’s NDCs & Energy Transition Plan (ETP) Implementation Framework held in Abuja from May 24 to 25, 2023.
While stressing that the gaps for funding climate action (from both domestic and international sources) in the country is huge compared to the magnitude of the problem, Mohammed pointed out that mobilising these resources require an efficient and robust plan capable of attracting investments and funding NDCs related activities.
“The Implementation Framework will act as a tool for mobilising resources, coordination and reporting for progress towards meeting the nation’s Paris commitments.
“We must therefore collaborate and engage all relevant stakeholders, including government agencies, international partners, the private sector, and communities, to ensure that we achieve our targets.
“It is also important to ensure that our efforts are equitable, leaving no one behind, and that we maximise the opportunities for sustainable economic growth,” he said.
He described the Energy Transition Plan and the Revised NDCs as critical tools in Nigeria’s efforts to achieve its climate goals.
He said, “The Energy Transition Plan provides a roadmap for the country’s transition to cleaner energy sources, while the revised NDCs set out Nigeria’s commitment to reducing its greenhouse gas emissions and adapting to the impacts of climate change. Both documents are the result of extensive consultations with stakeholders and reflect the collective aspirations of Nigerians towards a sustainable future.”