By Nneka Nwogwugwu
Nigeria Country Director for World Bank Shubham Chaudhuri said it plans “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.”
Also, CEO of Sun Africa Adam Cortese said Nigeria’s Energy Transition Plan has accelerated our efforts to prove that Nigeria will be a fertile ground for investments in the sector.
“We are in the final stages of discussion with US EXIM Bank on a USD 1.5 billion financing package,” Cortese said.
The organisations made this known at the global launch of the Energy Transition Plan in Lagos.
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Nigeria launched its energy transition plan to achieve universal energy access by 2030 and a carbon-neutral economy by 2060 to tackle poverty and climate change.
Vice president Yemi Osinbajo, who spoke at the global launch on Wednesday, said the plan was designed to tackle energy poverty and climate change crisis, as well as deliver sustainable development goal seven (SDG7) by 2030 and net zero by 2060.
He said the plan is designed to lift 100 million people out of poverty, reduce Nigeria’s carbon footprint, drive economic growth and create jobs.
Osinbajo explained that “climate change threatens crop productivity in regions that are already food insecure, and since agriculture provides the largest number of jobs, reduced crop productivity will worsen unemployment.”
The vice president added that it is time for Nigeria and the African continent to take ownership of transition pathways and design climate-sensitive strategies that address peculiar growth objectives.
Osinbajo noted that Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways, adding that the action should be decisive and urgent.
