Nigeria requires $10bn yearly to meet 2060 zero emissions target, says Osinbajo

Vice President Yemi Osinbajo has said that to reach Nigeria’s commitment to net-zero emissions by 2060, the country will require no fewer than $10 billion per year of funding over the next 40 years.

Osinbajo made the announcement at the Global Launch of the Nigeria Integrated Planning Tool which he attended virtually just after participating at the Extraordinary Summit of ECOWAS in Accra, Ghana.

Explaining the usefulness of the tool, Osinbajo said the “robust and dynamic data on the Nigeria Integrated Energy Planning Tool that we are proud to be launching today is an important component of that effort as it begins to translate the Energy Transition Plan roadmap into concrete electrification, clean cooking, and productive use projects.

He added that the took will help determine clear strategies for prioritization of regions and technology interventions towards making informed decisions that support our energy access by 2030 goals in a comprehensive manner which further supports and complements our net-zero by 2060 ambitions.

On Nigeria achieving universal access to energy by 2030, the Vice President stated that “the analysis has shown us we would need an estimated 19.3 million new electricity connections across the country. In addition, we would need over 11 million grid densification connections owing to population growth in settlements that currently have access to electricity.”

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