Nigeria to Spend $3.1trn on Renewable Energy.
Nigeria has announced a $3.1 trillion investment plan in the nation’s transition from fossil fuels to cleaner and renewable energy sources.
This was disclosed by the Minister of State for Petroleum Resources (Oil) Dr Heineken Lokpobiri at the 54th Annual Meeting of the World Economic Forum, signaling a significant shift in the nation’s energy strategy, in Davos, Switzerland.
The minister noted the nation had projected $1.9tn for the energy transition plan, while $1.2tn was estimated for the renewable energy plan in 2060, making a sum of $3.1tn altogether.
In a statement on his social media handle, Lokpobri emphasised the nation’s commitment to responsible fossil fuel exploration, leveraging cutting-edge technologies, noting that Nigeria’s energy policies aligns with the Organisation of the Petroleum Exporting Countries’, OPEC, expectations for sustainable practices.
He said, “Africa, Nigeria in particular, will not rely on aid and grants to transition to cleaner and renewable energy sources in 2060.
“Our 2060 projected energy transition plan and renewable energy plan stands at $1.9tn and 1.2tn respectively.
“At the 54th Annual Meeting of the World Economic Forum (Davos 2024), I seized the platform to outline our strategic initiatives, reinforcing Nigeria’s position as an attractive investment destination in the oil sector. Thus, I invited prospective investors to join us on this transformative journey, ensuring mutual prosperity and sustainable energy solutions.
“Alongside Vice President Kashim Shettima and global leaders, I emphasized our commitment to responsible fossil fuel exploration, leveraging cutting-edge technologies. I also highlighted the fact that our energy policies align with OPEC expectations, showcasing our dedication to sustainable practices.
“However, on the issue of transitioning from fossil fuels, I emphasized that Africa, Nigeria in particular, will not rely on aid and grants to transition. Our 2060 projected energy transition plan and renewable energy plan stands at $1.9tn and $1.2tn respectively.”
To accomplish these energy transition plans, the minister stressed that there would be a need for “an increased investment in our oil and gas sector so as to bolster our economy and guarantee energy security”.
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He added that with the large deposit of mineral resources, domestic control of the mining and production would yield more climate finance to Africa, and not aid or grant.
“To this end, the transition conversations should move towards trade and partnerships, and not just deadlines,” he stated.
Source: Sweetcrude
