$3 billion has been offered by the World Bank and the US Export-Import Bank (EximBank) to support the implementation of Nigeria’s energy transition strategy. The pledge was made by the international organizations on Wednesday during vice president Yemi Osinbajo’s official global launch of the Energy Transition Plan. Speaking at the global launch on Wednesday, Osinbajo said the energy transition plan was created to address the energy crisis and the effects of climate change, as well as to achieve net zero by 2060 and the seventh sustainable development goal (SDG7) by 2030.
The strategy, according to the vice president, will accelerate economic growth, elevate 100 million people out of poverty, lower Nigeria’s carbon impact, and generate jobs. To combat poverty and climate change, Nigeria earlier unveiled its energy transformation plan, which aims to achieve universal energy access by 2030 and a carbon-neutral economy by 2060. Shubham Chaudhuri, the World Bank’s country director for Nigeria, announced that the organization planned to contribute more than $1.5 billion to the nation’s energy transition plan.
“The policy and institutional reforms that will be necessary are also part of the agenda and we hope to be able to provide support for the fundamentally imperative of energy access but in a way that is consistent with the energy transition, what I think of as the NEAT imperative.”
