VP, Yemi Osinbajo Reveals Nigeria will Spend $410 Billion on Energy Transition

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Osaretin Balogban

Vice President Yemi Osinbajo reveals that Nigeria will spend over $410 billion to execute its energy transition plan by 2060.

Osinbajo spoke on Wednesday at the global virtual inauguration of Nigeria’s Energy Transition Plan, his statement was revealed by his spokesman, Laolu Akande.

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The Energy transition plan is devised to repress the crises of energy poverty and climate change in the country.

According to him, “For Africa, the problem of energy poverty is as important as our climate ambitions.”

“Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.”

“The average 3 billion dollars per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”

Source: Daily Post

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