VP Osinbajo with World Bank President David Malpass
HighlightTop StoryTrending Story

Nigeria’s $410bn energy transition plan by 2060: VP Osinbajo, World Bank President, Malpass meet in U.S.

221

By Tosin Deba

In pursuit of Nigeria’s requirement of $410 billion to deliver its Transition Plan by 2060,Vice- President Osinbajo is leading Nigeria’s Energy Transition Implementation Working Group (ETWG) to an ongoing multi-level meeting in U.S.

The meeting is to promote and secure global support from the U.S. government, the private sector, and other development partners.

The ETWG, which is chaired by the Vice-President, comprises relevant ministers and other top government officials.

At the meeting, Osinbajo and the World Bank President discussed Nigeria’s Energy Transition Plan as well as Nigeria’s commitment to achieving universal energy access and reducing GHG emissions while maintaining a reliable baseload.

Malpass emphasized the importance of integrating climate and development, as well as the need for an enabling policy and regulatory environment alongside strengthened institutions in the energy sector.

He also reiterated WBG’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable.

 

L-R: Finance Minister, Zainab Ahmed, VP Osinbajo and Works and Housing Minister Babatunde Fashola

 

Malpass also encouraged a decisive move toward exchange rate unification and stabilization by Nigeria, highlighting the economic benefits for the Nigerian people.

He stated that a unified exchange rate will significantly improve the business enabling environment in Nigeria, attract foreign direct investment, and reduce inflation.

Both Malpass and Osinbajo also discussed the importance of increasing domestic revenues through broadening Nigeria’s tax base and increasing the efficiency of tax administration.

 

While in the U.S., Osinbajo will also meet his U.S. counterpart, Kamala Harris, U.S. Secretary of Energy, Jennifer Granholm, Secretary of Treasury, Janet Yellen, among others.

Persecondnews reports that Nigeria’s Energy Transition Plan which was officially launched, last week, at a global virtual event, is a homegrown, data-backed, and multi-pronged strategy developed for the attainment of the 2060 net-zero emissions commitment in five critical sectors: power, cooking, oil and gas, transport and industry.

Nigeria needs $410 billion to deliver the Transition Plan by 2060. Among other highlights, the plan needs at least $10 billion per year above business-as-usual spending for effective implementation.

At the launch, the World Bank and a renewable energy organization, Sun Africa, pledged $1.5 billion each, totaling an initial $3 billion investment to support the implementation of the Transition Plan.

 

Leave a comment

Related Articles

Lagos, Abuja airports receive full NCAA certification

Murtala Muhammed International Airport (MMIA), Lagos, and the Nnamdi Azikiwe International Airport...

Day 3 of African Military Games: Nigerian Armed Forces Shine, Win 17 Medals

The Nigerian Armed Forces have made a remarkable impact at the ongoing...

Eight secondary school boys seize, gang-rape 14-year-old schoolgirl in Ogun

A 14-year-old schoolgirl in the Ijebu-Mushin area of Ogun State has been...

FG raises N346bln at Nov. 2024 bond auction, reflecting strong investor interest

The Federal Government has successfully raised N346.155 billion at its November 2024...

Breaking: Supreme Court Nullifies National Lottery Act

The Supreme Court on Friday nullified the National Lottery Act 2005 enacted...

NNPC Ltd. hosts NSC boss, pledges support for revitalization of Nigerian football

In a significant move to boost Nigerian football, the Nigerian National Petroleum...

Nigerian youths essential to repositioning Africa, says VP Shettima

Vice President Kashim Shettima has reaffirmed the federal government’s commitment to youth...

Just in: Simon Ekpa ‘ll be extradited to Nigeria to face charges – Defence Headquarters

The Nigerian Defence Headquarters, Abuja, has announced plans to extradite Simon Ekpa,...

NPA’s CEO Dantsoho Makes History as First Nigerian Chairman of PMAWCA

In a groundbreaking achievement, Dr. Abubakar Dantsoho, Managing Director of the Nigerian...

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Save for rainy day, Federal Accountant General urges state govts, emphasizes transparency, accountability

In a bid to ensure financial stability during adverse situations and economic...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Sacked UNIZIK VC Odoh to Tinubu: You can’t fire me through press release

Sacked Vice-Chancellor of Nnamdi Azikiwe University (UNIZIK), in Awka, Anambra State, Prof....

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

Olopade assumes office as NSC DG, promises new lease of life for Nigerian sports

Bukola Olopade had assumed office as the Director General of the resuscitated...

Amid High Inflation Rate, IMF Pledges Support for Nigeria’s Economic Reforms

International Monetary Fund (IMF) President Kristalina Georgieva and her team met with...

Nigeria’s Super Falcons Ajibade, Nnadozie, Nominated for 2024 CAF Women’s Player of the Year

The Confederation of African Football (CAF) has announced the nominees for the...

Just in: FG announces reshuffle of governing councils at FUOYE, Kogi varsity

The Federal Government has made changes to the governing councils of Federal...