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.