Nigeria’s Energy Transition Plan (ETP) was developed in 2021 with support from the COP26 Energy Transition Council (ETC) and served as the basis for President Buhari’s commitment to net zero by 2060 at COP26 in Glasgow. Since then, the plan has been approved by the Nigerian Government Federal Executive Council. This document highlights an initial $23 billion opportunity for financiers, donors, and other partners to contribute to the delivery of the Energy Transition Plan as the Government aims to secure a $10 billion support package by COP27 in Egypt.
The Federal Government of Nigeria has developed its Energy Transition Plan on which it based its Net Zero commitment by 2060 at COP26. The Government is now working to achieve the following objectives ahead of COP27 in Egypt:
- Secure at least $10 billion financing commitment to kickstart the implementation of Nigeria’s Energy Transition Plan by COP27.
- Original Equipment Manufacturers (OEMs) to commence local manufacturing/assembly of key technologies such as solar panels, inverters, solar standalone systems, electric vehicles by 2025.
- Implement technical assistance for skill development and knowledge transfer for the deployment of Electric Vehicles (EVs), establishment of a carbon market, and development of a just transition pathway beyond oil and gas.
- Play a leadership role by promoting a just, inclusive and equitable energy transition in Africa.
- Support a conducive business and investment environment for the energy transition.