The federal government had already spent N1.3 trillion in the past few years on the power sector, but could not achieve anything as the fund is little and has now said it is seeking additional $410 billion investment to strengthen the nation’s transmission and distribution infrastructure.
The Vice President Yemi Osinbajo made this known at a virtual event on climate finance themed, Climate Finance and a Just, Equitable Energy Transition for Africa.
He said, “Nigeria will require huge investments in new infrastructure. We’re going to build more roads, ports, industrial parks and especially power systems. For every Nigerian to consume the modern energy minimum of 1,000kWh per year by 2050 would require a 15-fold increase in our national power generation.
“We will need to upgrade our power infrastructure, especially for transmission and distribution, using a strategic mix of grid and minigrid systems. 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 above business-as-usual investment to meet our goals.
“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.”
