Net-zero emissions: Nigeria needs $400bn investments, says FG


The Federal Government has said investments of over $400bn is required for Nigeria to achieve universal energy access by 2030 and net-zero emission targets by 2050.
This was stated by the Minister of state for Power, Jedy-Agba at the virtual conference of the Nigeria Energy Forum 2021 on Wednesday.
According to the minister, Nigeria would seek to align its position along ‘an energy transition that is equitable, inclusive and just’.
“A just energy transition for Nigeria will feature both clean energy technologies and natural gas, with the aim of achieving net-zero emissions by 2050,” He said.
Jedy-Agba said the country had developed an Energy Transition Plan on pathways for achieving universal access by 2030 and net-zero targets by 2050.
“Figures show this would require investments of over $400bn in excess of business-as-usual spending between now and 2050, highlighting the scale of effort required,” he added.
On his part, the director, energy financial solutions, policy and regulation at the African Development Bank, Wale Shonibare, said Africa’s ambition to reach universal access by 2030 required a fivefold increase in power sector investment, mostly in low-carbon generation and grid networks.
According to him, the five countries with the largest access deficit  representing 50 per cent of Africa’s deficit are Nigeria, the Democratic Republic of Congo, Ethiopia, Tanzania and Uganda.

Abisola Adebayo is a Reporter/Presenter/Social Media Manager for Tv360Nigeria. She is a first class graduate of the department of Mass Communication at Fountain University, Osogbo. Abisola is currently running her Masters Degree at the University of Lagos. The Social Media savvy young lady is ambitious and driven, likes trying new things and sets new goals for herself. Always looking for an opportunity to do better and achieve greatness.

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