Nigeria needs aids from developed countries to attain its 2060 $410billion Energy Transition Plan (ETP).
The country cannot realise the target alone, according to the Green Energy International Limited, Chairman, Prof. Anthony Adegbulugbe.
He made this known in his keynote address at the 2024 Nigerian Association of Energy Economists/ International Association of Energy Economists (NAEEIAEE) Annual International Conference in Abuja.
His words: “The ETP gives a price tag of USD 1.9 Trillion for Nigeria to reach net zero by 2060, of which USD 410 billion will be above business-as-usual spending.
” These figures are definitely beyond Nigeria’s ability alone. The Advanced Economies must come to her aid.”
He said about 70% of Nigeria’s primary energy supply is derived from biomass.
He said poor on- grid power supply, which rarely exceeds 5,000MW, forces Africa’s largest economy to rely on more than 14,000MW of inefficient petrol and diesel backup generators across the country, contributing to around 30% of the fine particulate matter emissions from the continent (USAID report, 2023).
He alluded to the United Nations that said Nigeria has the highest rate of deforestation worldwide, losing about 3.7% of its forest yearly.
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He stressed: “All hands must be on deck to address the existential challenges of climate change.
“As responsible citizens of the globe, we must recognise that there is no ‘Plan B’ in addressing climate change.
“Today, it is more important than ever to drive forward the global energy transition in the interest of climate change mitigation, energy security, and economic diversification and development.”
He said the African continent is energy-poor, the poorest in the world.
About 600 million Africans lack access to electricity, said Adegbulugbe, who stressed that while over 900 million rely on traditional biomass fuels, such as wood and charcoal, for cooking and heating.
