The Minister of State for Petroleum Resources (Oil), Dr Heineken Lokpobiri, announced at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, that Nigeria is set to invest a total of $3.1 trillion in transitioning from fossil fuels to cleaner and renewable energy sources.
According to Lokpobiri, the energy transition plan is projected to cost $1.9 trillion, while the renewable energy plan for 2060 is estimated at $1.2 trillion. He emphasized Nigeria’s commitment to responsible fossil fuel exploration, citing alignment with the expectations of the Organisation of the Petroleum Exporting Countries (OPEC) and dedication to sustainable practices.
Addressing concerns about relying on aids and grants for the transition, Lokpobiri stated, “Africa, Nigeria in particular, will not rely on aids and grants to transition to cleaner and renewable energy sources in 2060.” He highlighted the need for increased investment in the country’s oil and gas sector to boost the economy and ensure energy security.
The minister stressed the importance of domestic control of mining and production, leveraging the vast mineral resources in the country. Lokpobiri believes that this approach will generate more climate finance for Africa without dependence on external aid or grants.