At a private sector roundtable held over the weekend in Lagos, members of Nigeria’s energy transition office said the country needs $410 billion to meet its target of net-zero emissions by 2060 – an amount which translates to $10 billion annually.
They also said it would define a framework for a private sector working group of net zero-committed financial institutions that will help guide the ETP resource mobilization process.Speaking with journalists after the event, Muntaqa Umar-Sadiq, head/ principal finance specialist, energy transition office , said the federal government is using a project-based approach to facilitate investments in clean energy.
“We think that we are on course to do nearly $8bn if some of these projects that we are speaking about today, we are going to remove the bottlenecks, we believe that we can hit over $8bn.He said the private sector has a key role to play in bridging financing gaps, and leading innovative financing solutions for Nigeria’s transition to net-zero.
“The round table is about aligning the private sector investment portfolio to these energy transition efforts on one hand and also establishing a private sector working group that continues to provide stewardship required to finance and implement the energy transition plan.”
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