Experts in the renewable energy sector have called for a sustainable financing model to ensure the attainment of Nigeria’s Energy Transition Programmes (ETP).

They believe that financing, especially private sector finance mobilisation, is key to the execution of ETP programmes in Nigeria.

The experts, who made the call in Abuja at a stakeholders’ engagement on Nigeria’s energy transition programme, disclosed that Nigeria needs about $410 billion to achieve Net Zero emissions, with two-thirds expected from the private sector.

The programme, themed “Maximising Just Energy Transition Opportunities through an Inclusive Country Platform,” was organised by the Yar’Adua Foundation.

Speaking, Patrick O. Okigbo III, Founding Partner of Nextier, advised the government to address macroeconomic and political uncertainties and develop investment frameworks. He called for the development of a financial plan with a clear and consistent investment framework for attracting investments.

Calling for strong political will, coherent policies, and plans to instil confidence in local and international private capital, Okigbo urged the authorities to carefully manage support from donors to signal the government’s seriousness and commitment.

He noted the need for the country to ensure that all critical stakeholders understand the ETP objectives, opportunities, and challenges, and called for targeted stakeholder collaboration to minimise resistance and foster trust.

The founder suggested creating an enabling environment for each stakeholder to contribute their strengths and resources to the ETP, advising the government to secure buy-in from private sector players and extractive communities in co-creating Nigeria’s Energy Transition Strategies.

Okigbo stressed the need for the country to understand the historical context of Nigeria’s extractive industries, particularly in the Niger Delta, insisting on building trust with the community by acknowledging historical grievances and making visible efforts to address them.

He further urged the authorities to highlight the advantages of the shift to renewable energy and address the negative impacts, such as loss of jobs and loss of government revenue, among others.

Okigbo also urged the government to address informality and illegal extractive operations in the communities and strengthen the security regulatory framework to ensure that extractive activities are conducted responsibly and sustainably.

Mr. Olumide Onitekun of the African Policy Research Institute (APRI) advocated for the use of just energy transition for ETP in Nigeria, explaining that just energy transition is all about defunding fossil fuels in a way that reduces inequality while prioritising economic, racial, and gender justice.

He, however, said the plan requires political will, private sector collaboration, and a programmed funding approach.

Earlier, the Director of Partnership and Development at the Yar’Adua Foundation, Mr. Amara Nwankpa, said the ETP, while ambitious, does not align with a least-cost pathway to total electrification.

He said there is a need to envision a different future, one where renewable energy would drive economic growth, job creation, and expanded energy access.

A high point of the event was a panel discussion on ensuring inclusive and equitable energy transition opportunities and challenges.

Others included the presentation of stakeholders’ commitments on next steps to energy transition programmes in Nigeria.