Vice-President, Prof. Yemi Osinbajo, (SAN), has said that for the country’s power transmission and distribution capacities to stabilise, another $410 billion would be required.
Prof. Osinbajo stated this at a virtual event on climate finance, themed: ‘Climate Finance and a Just, Equitable Energy Transition for Africa’.
According to him, Nigeria needs to upgrade its power infrastructure, especially for transmission and distribution, using a strategic mix of grid and mini-grid systems. “The nation needs an additional $410 billion above business-as-usual investment to meet these goals”, he stated.
He added that the Federal Government’s immediate priority is to create 20 million jobs, rebuild industries and add more than 200GW of new power capacity, principally utility-scale solar by 2060.
The VP said: “Nigeria will require huge investments in new infrastructure. We’re going to build more roads, ports, industrial parks and especially power systems. For every Nigerian to consume the modern energy minimum of 1,000kWh per year by 2050 would require a 15-fold increase in our national power generation.
“If the global energy transition is going to become reality, if we are truly in this climate crisis together, then the priorities of African nations cannot be sidelined. Climate justice must include far greater support for countries with the greatest needs and who contribute the least to global emissions.
“It must include investments, not only to mitigate carbon emissions but also to ensure that developing countries can adapt to the impacts of climate change caused by the rich polluting nations. Climate justice must include ending energy poverty. Anything else would be the opposite of justice”.
Speaking on a just and equitable transition for Africa and others, the VP said: “What is a just transition for countries with no coal and deep energy poverty? A just energy transition means something very different for every other African country, including my own country, Nigeria. For us, a just transition means a lot more energy, not less”.
He noted that climate justice must include ending global energy poverty. Every person on the planet deserves to have modern energy. Every person deserves a job. All modern economies require abundant affordable and reliable energy.
