Nigeria Needs $10bn Yearly Investment to Fund Energy Transition Till 2060

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Vice President Kashim Shettima has revealed that funding the energy transition in the country requires investments of over $10 billion per year from now to 2060.

Abuja —

He said the administration of President Bola Tinubu was willing to take the difficult decisions while the rich resource base and depth of human capital in the country will ensure Nigeria's success in that regard.on Power and Infrastructure, Sadiq Wanka, Shettima said, the energy transition plan in Nigeria balanced the need for the country to rapidly industrialise, develop and address critical environmental challenges that are not just a distant concept, but an immediate reality.

"At the heart of the decade of gas, is improving fiscal terms and targeted incentives that would unlock up to 10 billion sef day of gas supply by 2030 to be channelled to serve the power sector, commercial sector and gas-based industries. Critical to this unlock is a focus on non-associated gas which constitutes the lion- share of the over 200 trillion cubic feet of proven gas reserves in the country.

Represented by the Managing Director, Kaduna Power Supply Company, Idris Aminu Idris, Governor Sani said subnational governments have a key role to play in achieving that with a three-way collaboration between the Federal Government, the State Governments, and the private sector in the attaining a sustainable energy practice.

 

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