The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has solicited international cooperation to attract investment worth $410 billion in clean energy to achieve net-zero emissions by 2060.
The Minister made the appeal while delivering a keynote address at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, organised by the Africa Policy Research Institute with support from the National Council on Climate Change Secretariat (NCCC), the Nigerian Economic Summit Group (NESG), the Shehu Musa Yar’Adua Foundation, and others.
Bagudu pointed out that Nigeria has identified $23 billion in investment opportunities in sectors such as power generation, transmission, and clean cooking and is working to secure financing commitments to kickstart implementation.
He reaffirmed the federal government’s dedication to advancing Nigeria’s national development plans, particularly emphasising the country’s energy transition and economic growth strategies, and underscored the importance of collective national commitment and hard work in realising Nigeria’s development goals.
The Minister highlighted the government’s efforts to align with the Nigeria Energy Transition Plan (ETP), which aims to tackle energy poverty and climate change while promoting sustainable economic growth.
Bagudu noted that Nigeria has historically contributed to global institutions and is now focused on leveraging financial investments to support climate action and energy transition, including renewable energy projects and clean cooking solutions.
He also addressed the challenges posed by climate change, including floods and environmental degradation, linking these issues to the urgency of transitioning to sustainable energy sources.
He emphasised the government’s resolve to modernize the economy, improve infrastructure, and ensure inclusivity in development efforts, highlighting ongoing policies such as the National Integrated Electricity Policy (NIEP) and Integrated Resource Plan (IRP) unveiled by the Ministry of Power.
The minister called on Nigerians, especially the youth, to embrace national commitment and hard work as essential drivers of progress, reiterating that every state in Nigeria has value to contribute to the national pool.
He praised the resilience of Nigerian women and the government’s focus on inclusivity and empowerment under President Tinubu’s Renewed Hope agenda.
In his remarks, Dr. Eugene Itua, Lead of the NESG’s Special Task Force for Climate Action, emphasized the critical role of private sector investment and innovation in Nigeria’s energy transition.
Itua highlighted the need for businesses to drive low-emission growth and unlock climate finance, citing Nigeria’s $1.9 trillion funding gap and its goal of achieving net zero by 2060.
He stressed the importance of learning from Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Senegal to design Nigeria’s Country Platform for Climate Action (CPCA) and advocated stronger public-private partnerships to implement Nigeria’s Energy Transition Plan, including carbon market development and solar project aggregation.
Itua noted that Nigeria’s transition must balance economic development with climate resilience, leveraging lessons from Global South peers to avoid replicating outdated models, and reaffirmed NESG’s commitment to translating workshop outcomes into actionable strategies, particularly in bridging financing gaps and ensuring an equitable shift from fossil fuels.
“At the NESG, we firmly believe that a sustainable and economically vibrant future for Nigeria hinges on our ability to proactively address climate change and strategically navigate the complexities of a just energy transition,” he said.
