Vice President Yemi Osinbajo has said that Nigeria’s Energy Transition Plan (ETP) would require funding of about 1.9 trillion U.S. dollars up to 2060.
”Our Energy Transition Plan seeks to tackle the dual crises of energy poverty and climate change, and deliver universal energy access by 2030 and net-zero by 2060.
Osinbajo said that the federal government planned to roll out a set of policy measures that would attract financing and investments of up to 10 billion U.S. dollars and create scalability of programmes of over 30 billion U.S. dollars over the coming decades. ”With requirement for 10 per cent of on-grid power to come from Solar by 2025 creating a Solar Stabilisation Fund with a target of 100 million dollars to backstop on-grid solar contracts.
”And stabilise the on-grid sector through modernising operations of our Grid and further preparing the grid for renewables, ”he said. He said that the project would provide uninterrupted power supply to dedicated feeders through a hybrid of grid and renewable power.”We must work together on strategies and reforms needed to crowd in the investments required for real and impactful projects and progress on the ground.
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