The Federal Government has stated that Nigeria will require $1.9 trillion (N834 trillion) to achieve net zero emissions by 2060 in order to support the global fight against climate change and meet the country’s Energy Transition Plan.
According to an Energy Transition Plan paper Nigeria will need $1.9 trillion to reach net zero emissions by 2060, including $410 billion above estimated typical spending, which amounts to around $10 billion or N4 trillion yearly over the next few decades.
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Before the COP27 meeting in Egypt, the Federal Government announced that Nigeria would raise an initial $10 billion support package to get the plan started. It also stated that a $23 billion investment opportunity had been discovered based on current in-country projects and programs that were specifically focused on the energy transition.
The proposal would be accomplished by incremental investments from 2021 to 2060, according to the document.
According to a breakdown of the necessary investment by sector, $135 billion will be spent on infrastructure, and $150 billion will be spent on the power industry. In addition, $12 billion will be spent on the oil and gas industry, $21 billion on business, $79 billion on food, and $12 billion on transportation.
