A recent report by the Natural Resources Governance Institute (NRGI) and BudgIT Foundation revealed that Nigeria is struggling to secure the required $10 billion annual funding to achieve net-zero carbon emissions by 2060. The report emphasized the need for urgent measures to bridge this funding gap and highlighted key strategies for the government to consider.
The report recommended that the Federal Government explore domestic revenue mobilization, international public finance, and leverage just energy transition partnerships to address the financial shortfall. This assessment of Nigeria’s readiness for energy transition was discussed at a session for the validation of a Guidebook on Energy Transition in Abuja. Dr. Orji Ogbonannaya Orji, the Executive Secretary of Nigeria Extractive Industries Transparency Initiative (NEITI), stressed the importance of providing contextual explanations for the broad energy transition plan already in place in Nigeria.
Dr. Orji highlighted the responsibility of civil societies to engage in detailed discussions regarding the implementation of the policy plan and emphasized the crucial need for comprehensive data to drive the energy transition.
Tengi George-Ikoli, a Senior Officer at the Natural Resource Governance Institute, described the Energy Transition Handbook as a vital resource for the government, civil society, media, and all relevant stakeholders in driving a seamless and sustainable energy transition. Additionally, Adejoke Akinbode, Head of Natural Resource Governance & Sustainability Unit at BudgIT Foundation, emphasized that the Guidebook would serve as a valuable reference, providing insights from engagements with various state and non-state actors.
The event underscored the importance of addressing the funding gap, strengthening energy access, and aligning Nigeria’s energy transition plans with key development needs. As Nigeria grapples with these challenges, urgent and concerted efforts are required to secure the necessary funding and drive a successful energy transition.
