Nigeria Seeks $10bn Package from International Partners for Energy Transition Plan – THISDAYLIVE


•World Bank, US Eximbank pledge $3bn

Deji Elumoye in Abuja

The Vice President, Prof. Yemi Osinbajo has declared that Nigeria is seeking $10 billion from international partners to fund the nation’s new Energy Transition Plan.

This was just as the World Bank and the US Exim Bank have pledged to assist Nigeria in its energy renewal efforts with $3 billion.

Speaking yesterday in Abuja, at the virtual launch of Nigeria’s Energy Transition Plan, a roadmap to tackle the dual crises of energy poverty and climate change, Osinbajo stated that Nigeria is currently engaging with partners to secure an initial $10 billion support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow.

“Nigeria would need to spend $410 billion above business-as-usual spending to deliver our Transition Plan by 2060, which translates to about $10 billion per year.” 

According to him, Africa’s…

Source: Thisday Newspaper