Nigeria is seeking massive foreign investment and global partnerships to unlock an estimated $410 billion needed by 2060 for its net-zero emissions and clean energy goals, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, said Tuesday.
Speaking at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition in Abuja, Bagudu emphasized that the country cannot achieve its climate goals alone.
“The scale of investment required to achieve net-zero by 2060 is about $410 billion,” Bagudu stated. “We must rely on international cooperation and foreign financing to bridge this gap.”
He revealed that the government has already pinpointed $23 billion worth of investment opportunities in power generation, transmission, and clean cooking sectors, and is actively seeking commitments to launch implementation.
Bagudu reaffirmed the government’s dedication to its Energy Transition Plan (ETP), saying it aims to “tackle energy poverty, drive economic growth, and promote sustainability.”
“Our transition is not just about reducing emissions; it’s about creating jobs, building infrastructure, and ensuring inclusivity,” he added.
The minister also acknowledged the impact of climate change, such as flooding and environmental degradation, urging that urgent steps must be taken.
He cited ongoing initiatives like the National Integrated Electricity Policy (NIEP) and Integrated Resource Plan (IRP) as policy anchors, and praised the resilience of Nigerian women and youth in national development efforts.
“Every state in Nigeria has something valuable to contribute. Our people must embrace national commitment and hard work,” he said.Dr. Eugene Itua, Lead of the Nigerian Economic Summit Group’s (NESG) Special Task Force for Climate Action, stressed the vital role of private sector involvement.
“Nigeria faces a $1.9 trillion funding gap to reach net-zero. We need the private sector to drive low-emission growth and unlock climate finance,” Itua said.He urged Nigeria to learn from Just Energy Transition Partnerships (JETPs) in countries like South Africa, Indonesia, and Senegal.
“We must avoid outdated models and ensure our transition is equitable and economically viable,” he concluded.
The workshop was convened by the Africa Policy Research Institute with support from the National Council on Climate Change Secretariat, NESG, and the Shehu Musa Yar’Adua Foundation.
