Vice President Yemi Osinbajo has said Nigeria needs to spend over $410bn to deliver its energy transition plan by 2060.
Osinbajo made this known at the global virtual inauguration of Nigeria’s Energy Transition Plan on Wednesday.
This was disclosed in a statement by his spokesman, Laolu Akande.
The plan is a roadmap to control the dual crises of energy poverty and climate change.
Osinbajo highlighted the significant scale of resources required to attain both development and climate ambitions.
According to him, “For Africa, the problem of energy poverty is as important as our climate ambitions.
“Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.
“The average 3 billion dollars per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”
The United Nations (U.N.) has projected that an additional 7 million Nigerians will face hunger…
As Nigerians express their frustrations over the recent fuel price hikes by the Nigerian National…
The Transmission Company of Nigeria (TCN) has announced the full restoration of electricity supply to…
The Naira experienced an appreciation on Friday at the official market, with a trading rate…
President Bola Tinubu, alongside an assembly of prominent dignitaries, paid final respects to the late…
May Edochie, the estranged wife of Nollywood actor Yul Edochie, has addressed misconceptions some men…