According to President Bola Tinubu, $10 billion will need to be invested annually in Nigeria’s energy transition strategy.
This was revealed by Tinubu in his speech at the inaugural Africa Climate Summit (ACS), which was held in Kenya.
Tinubu’s statements at the two-day ACS conference, which wrapped on Wednesday, were given by Dr. Ishiak Salako, the Minister of State for the Environment.
He said that up to 2060, Nigeria’s Energy Transition Plan will require an investment of $1.9 trillion in total.
“Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending.
“This additional financing requirement translates to about $10 billion per annum, but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade,” he said.