The Federal Government of Nigeria in its effort to support the global fight against climate change and meet the country’s Energy Transition Plan has said it would require $1.9trn or N834trn to attain net zero by 2060.
According to Punch, a document reveals that Nigeria would require $1.9 trillion to get to zero by 2060 for the Energy Transition Plan and also $410bn above projected usual spending, which translates to about $10bn or N4trn annually over the coming decades.
The Federal Government speaking on implementing the plan said it would raise an initial $10bn support package ahead of the COP27 holding in Egypt.
The Nigerian government added that a $23bn investment opportunity had also been identified based on current in-country programs and projects that were directly related to just the energy transition.
In the document, it was stated that there would be incremental investments from 2021 through 2060 to attain the plan.
A breakdown of the required spending by sector shows that $135bn will be spent in the infrastructure sector, while $150bn is to be spent on the power sector.
Also, $12bn will be expended on the oil and gas sector; $21bn on the industry; $79bn on the cooking sector; and $12bn on the transport sector.