Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways and the action should be decisive and urgent, says Vice President Yemi Osinbajo.
He stated this in his remarks delivered at the global virtual launch of Nigeria’s Energy Transition Plan, a roadmap to tackle the dual crises of energy poverty and climate change.
Speaking on the need to have a peculiar transition plan, the Vice President said “for Africa, the problem of energy poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.”
He highlighted the significant scale of resources required to attain both development and climate ambitions. Nigeria would need to spend $410 billion above business-as-usual spending to deliver our Transition Plan by 2060, which translates to about $10 billion per year.
“The average $3billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice,” he stated.
Additionally, the Vice President noted that “we have an inter-ministerial Energy Transition Implementation Working Group, which I chair. We are currently engaging with partners to secure an initial $10 billion support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow.”
At the virtual event, Mr. Shubham Chaudhuri, Nigeria Country Director for World Bank said the bank plans “to commit over USD 1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise.”
In a similar vein, Mr. Adam Cortese, CEO, Sun Africa stated that “the launch of Nigeria’s Energy Transition Plan has further accelerated our efforts, proving Nigeria to be fertile grounds for investments in the sector. We are in the final stages of discussion with US EXIM Bank on a USD 1.5 billion financing package.”
Speakers at the event commended Nigeria’s leadership and pioneering role in the region, emphasizing the need for data-driven country-level energy transition plans that recognise the unique pathways each country would need to take in order to achieve a just, inclusive and equitable energy transition for all.
The launch also featured remarks from Nigerian Ministers and officials, including, Ministers of Environment, Mr. Mohammed Abdullahi; Power, Engr. Abubakar Aliyu; Power (State) Goddy Jedy Agba; Works and Housing, Mr. Babatunde Fashola; Finance, Budget and National Planning, Mrs, (Dr.) Zainab Ahmed; Group Managing Director of Nigerian National Petroleum Company (NNPC) Limited, Mr Mele Kyari; Managing Director, Rural Electrification Agency, Engr. Ahmad Salihijo.
Other speakers included the Deputy Secretary-General, United Nations, Amina Mohammed; Minister of Petroleum and Energies from Senegal, Dr. Aissatou Sophie Gladima; Minister of Electricity and Renewable Energy from Egypt, Prof. Dr. Mohamed Shaker El-Markabi, UN Secretary General’s Special Envoy for Climate Ambition and Solutions, Mr Michael Bloomberg, as well as representatives of the United Nations, Sustainable Energy for All, The World Bank, African Development Bank, The International Renewable Energy Agency (IRENA), The Rockefeller Foundation and the Global Energy Alliance for People and Planet.
