ASHENEWS reports that Nigerian government has plans to deploy revenues generated from hydrocarbons, to fund its $1.9 trillion energy transition, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has said.
A statement by his Special Adviser on Media and Communication, Nneamaka Okafor, said the resolve is in spite of calls to jettison the country’s investment in fossil fuels.
Speaking at the 54th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland, Lokpobiri emphasised Africa’s measured stance on the global transition from fossil fuels to renewable energy.
Recall that former President Muhammadu Buhari, at COP26, announced Nigeria’s commitment to carbon neutrality by 2060.
The government said $1.9 trillion would be required to get to Net Zero by 2060, including $410 billion in projected usual spending.
The additional cost translates to about $10 billion annually, according to the energy transition office.
Lokpobiri highlighted that Africa’s contributions to global emissions stand at a modest three per cent, urging against precipitous actions that could impede the continent’s economic growth.
“Africa, including Nigeria, cannot hastily transition with aid or grants. What we need is a strategic investment in our fossil fuels sector to bolster our economy and ensure energy security,” he stated.
Lokpobiri emphasised the importance of financial independence in the transition programme and called for investment and partnerships rather than deadlines.
“The conversation should be about fostering strategic partnerships and attracting investment, not enforcing timelines that could undermine our economic stability,” he added.
The statement pointed out that the minister’s words echoed the sentiment that transitioning should not be a rushed process but a carefully orchestrated collaboration between nations and industries.
Acknowledging Nigeria’s significant role in this global discourse, Lokpobiri shed light on the country’s ambitious plans.
“With a projected transition plan and renewable energy investment of $1.9 trillion and $1.2 trillion by 2060, respectively, Nigeria recognises the need to rely on its fossil fuels to finance this transition.”
