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Nigeria: Soon to meet its decarbonization targets?

Nigeria aims to be carbon neutral by 2060 to address the crises of energy poverty and climate change. An investment of $410 billion is needed to achieve this goal. In this context, a private roundtable was held in Lagos to discuss the role of the private sector in the implementation of the Energy Transition Plan.

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On February 17, 2023, a private roundtable was held in Lagos to discuss Nigeria’s Energy Transition Plan (ETP). The objective of this roundtable was to discuss the role of the private sector in the implementation of the ETP and to develop an implementation framework to mobilize the necessary resources.

Nigerian government aims for carbon neutrality by 2060

The Energy Transition Plan was developed by the Nigerian government to address the crises of energy poverty and climate change, while providing energy for development, industrialization and economic growth. The goal is to achieve carbon neutrality by 2060, which requires an investment of $410 billion beyond the usual spending (between 2021 and 2060).

The cost of the energy transition is $410 billion

According to estimates, to achieve the goal of carbon neutrality by 2060, Nigeria needs to spend $150 billion on generation capacity, $135 billion on transmission and distribution infrastructure, $79 billion on cooking, $21 billion on industry, $12 billion on transportation, and $12 billion on decarbonizing oil and gas.

Private sector actors discuss their role in the Energy Transition Plan

Nigeria’s Energy Transition Office has identified an initial investment opportunity of $23 billion in a portfolio of projects, of which approximately $17 billion is estimated as the required private sector financing. This investment covers gas generation, transmission, distribution, metering, marketing, clean cooking, electric mobility and healthcare.

To help consolidate efforts towards the energy transition, a private roundtable focusing on the private sector was organized in Lagos. This meeting brought together stakeholders from the private sector and government to discuss the challenges and opportunities presented by the Energy Transition Plan. Representatives from the energy, finance, and legal sectors participated in the meeting and emphasized the importance of finding innovative financing models and recognized the key role of public-private partnerships in identifying value chains in different sectors.

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