Nigeria will spend a total sum of $3.1tn to transit from fossil fuel to cleaner and renewable energy.
The Minister of State for Petroleum Resources (Oil), Dr Heineken Lokpobiri, disclosed this at the 54th Annual Meeting of the World Economic Forum, in Davos, Switzerland
1.9 trillion dollars has been projected for the energy transition plan, while 1.2 trillion dollars is estimated to cover the renewable energy plan till 2060, making it a sum of $3.1tn altogether
The minister noted that, the Nigerian delegation led by Vice President Kashim Shettima, had emphasised the nation’s commitment to responsible fossil fuel exploration, leveraging cutting-edge technologies.
He also highlighted that Nigeria’s energy policies aligned with the Organisation of the Petroleum Exporting Countries expectations, showcasing the country’s “dedication to sustainable practices ”
On the issue of transitioning from fossil fuels, Dr. Lokpobiri said, ”Africa, Nigeria in particular, will not rely on aids and grants to transition to cleaner and renewable energy sources in 2060.”
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