Osinbajo: Nigeria needs $410bn to meet energy transition goals 

Vice-President Yemi Osinbajo says Nigeria needs $410 billion to achieve its energy transition goals. 

Laolu Akande, media aide of the vice-president, said Osinbajo made this known at a virtual event on climate finance organised by Atlantic Council, a nonpartisan organisation that seeks to shape solutions to global challenges.

He said Nigeria needs to upgrade its power infrastructure by adding more than 200 gigawatts of new power capacity and upscaling its solar power generation by 2060.

“We will need to upgrade our power infrastructure, especially for transmission and distribution, using a strategic mix of grid and mini grid systems,” he said.

“To be successful we will need partners. The majority of investment in our energy transition will come from our own national resources.

“But we estimate we need an additional 410 billion dollars above business-as-usual investment to meet our goals.”

He said Africa must be allowed to transition in a just manner, adding that the energy investment rules set by developed countries are the opposite of climate justice when applied to Africa.

He added that climate justice must include greater support for countries with greater needs.

“We are already seeing the investment rules limit the technology choices of African countries in ways that do not apply to wealthy nations,” he said.

“Applying a set of standards to Africa that you can’t apply in your own country is the opposite of climate justice.

“If the global energy transition is going to become reality, if we are truly in this climate crisis together, then the priorities of African nations cannot be sidelined.

“Climate justice must include far greater support for countries with the greatest needs and who contribute the least to global emissions.

“It must include investments, not only to mitigate carbon emissions but also to ensure that developing countries can adapt to the impacts of climate change caused by the rich polluting nations.

“Climate justice must include ending energy poverty; anything else would be the opposite of justice.”

He said the impacts of climate change requires every nation to have enough energy to build resilient infrastructure, deliver essential public services, and provide the cooling to withstand a warming planet.

Speaking about the upcoming COP27 in Egypt, Osinbajo said Africa must commit to playing its part in solving the global poverty and climate crisis because “a warming planet affect us more than any other region.

“We are absolutely clear that Africa must be proactive, we must be assertive of our needs, and we must do a better job of making our views heard,” he added.

“That is what to expect in Egypt.”