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Osinbajo claims that Nigeria’s Energy Transition Plan requires $10 billion annually.

Marian RomainebyMarian Romaine
December 7, 2022
in News
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Osinbajo claims that Nigeria’s Energy Transition Plan requires $10 billion annually.
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The office of Vice President Yemi Osinbajo stated Wednesday that for Nigeria to meet the goals in its Energy Transition Plan, there is a financial need of around $10 billion annually.

At the Stakeholders’ Dialogue hosted by the Renewable Energy Association of Nigeria, REAN, in Abuja, Dr. Muntaqa Umar-Sadiq, the Principal Financial Specialist who co-leads the Nigeria Energy Transition Unit in the VP’s Office, revealed this.

According to Umar-Sadiq, the government of Nigeria must deploy an estimated 5.5 Gigawatts of solar power at an unprecedented rate to achieve a net-zero emissions energy system by the year 2060.

They predict that implementing this net zero strategy will cost around $410 billion more than expenditures will be for business as normal. That amounts to a financial imbalance of almost $10 billion every year.

Infrastructure power is the main emphasis of the capital expenditure difference.

Tags: 10 billonnairaannuallyenergy transitio plangovernmentosinbajo
Marian Romaine

Marian Romaine

Marian Romaine is a seasoned content writer with a passion for translating complex technological concepts into accessible and engaging content.She is dedicated to creating engaging and informative content aiming to enhance both reader engagement and search engine visibility. Her writing combines a deep understanding of the subject matter with a talent for crafting clear, concise, and informative pieces.With 3 years of industry experience, her expertise includes crafting blog posts, articles, social media content, and website copy.

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