Osinbajo Launches FG’s Energy Transition Plan As Nigeria Seeks $10bn Initial Support Package

Vice President Yemi Osinbajo (SAN) says Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways and the action should be decisive and urgent. 

Prof. Osinbajo 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.”

The VP 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.