The World Bank and the US Export-Import Bank (EximBank) say
they will commit over $3 billion to the implementation of Nigeria’s energy
transition plan.
The international organisations made the commitment on
Wednesday at the official global launching of the Energy Transition Plan by
Yemi Osinbajo, vice-president.
Shubham Chaudhuri, Nigeria country director, World Bank, said
the international bank aims at committing over $1.5 billion towards the
country’s energy transition plan.
“We plan to commit over $1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, and potentially hydropower, on clean cooking, and wherever opportunities arise,” he said.
“The policy and
institutional reforms that will be necessary are also part of the agenda and we
hope to be able to provide support for the fundamentally imperative of energy
access but in a way that is consistent with the energy transition, what I think
of as the NEAT imperative.
“The Nigerian Energy Access and Transition (NEAT) imperative
is what we here at the World Bank are absolutely committed to supporting.”
On his part, Adam Cortese, chief executive officer (CEO),
Sun Africa, a renewable energy solutions company, said it was in the final
stage of talks with the US EXIM Bank on a $1.5 billion financing package.
“The launch of
Nigeria’s Energy Transition Plan has further accelerated our efforts, proving
Nigeria to be fertile grounds for investments in the sector. We are in the
final stages of discussion with US EXIM Bank on a USD 1.5 billion financing
package,” Adam said.
“We are truly excited about the future and we are looking
forward to helping Nigeria lead by way of example in Africa.”
Speaking at the official unveiling of the transition plan,
Osinbajo said Nigeria’s energy transition requires a significant scale of
resources which includes spending $410 billion by 2060.
He added that Nigeria has set up an inter-ministerial energy
transition implementation working group and is “currently engaging with
partners to secure an initial $10 billion support package ahead of COP27″.
At COP26 in Glasgow last year, President Muhammadu Buhari
announced Nigeria’s ambition to achieve net-zero by 2060 drawing on insights
from the country’s Energy Transition Plan which was developed through the
Energy Transition Commission to chart out Nigeria’s unique energy transition
pathway.
The plan supports the country’s objectives of achieving
universal access to energy by 2030 and a carbon-neutral energy system by 2060,
while also providing enough energy to power the industry and other productive
uses.
The plan is supported by Sustainable Energy for All and the
COP26 Energy Transition Council (ETC).
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com