Vice President Kashim Shettima has predicted that the full implementation of Nigeria’s energy transition will not come easy.
Speaking at the Energy Transition Symposium organised by Development Agenda and held at the Shehu Musa Yar’Adua Centre, Abuja on Friday, Shettima disclosed that funding the energy transition requires investments of over $10 billion per year up to 2060.
The Vice-President further explained that the transition would need local and international collaboration to secure funding.
Energy transition is the shift from fossil fuels to more sustainable and cleaner energy sources.
The Federal Government is seeking to achieve carbon neutrality by 2060 and has developed a national action plan in that regard.
Shettima said: “Full implementation of the Nigeria Energy Transition would not be easy. It requires concerted effort locally and international collaboration to source financing and to prepare the Nigerian workforce for a Net-Zero economy and to have a truly just energy transition.
“If we take the issue of financing alone, funding the energy transition requires investments of over $10 billion per year up to 2060. The majority of this money would necessarily come from the private sector including through initiatives to access high-integrity carbon markets.’
Shettima however assured that the Tinubu Administration is has prioritised the energy transition.
According to him, President Tinubu will make tough decisions, even as he assured that the country’s resources and human capital would help the administration succeed in this regard,
He said, “But we are up to the challenge. The administration of President Ahmed Tinubu is willing to take the difficult decisions and the rich resource base and depth of human capital in our dear country will ensure our success.”
Speaking at the event, the publisher of the Development Agenda Magazine, Paddy Ezeala advised that as the world shifts away from fossil fuels, Nigeria would have to deal with a future where fossil fuels are no longer marketable.
“Nigeria is a major oil-producing country and it derives a substantial part of its revenue from sales of crude oil. Although Nigeria has adopted gas as its transition energy, it will have to deal with a future when fossil fuels are no longer marketable. There’s going to be profound social and economic implications”, Ezeala stated,
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