The Minister of Power, Adebayo Adelabu, said on Monday that the Federal Government has identified $23 billion in investment opportunities in Nigeria for projects that are focused on the country’s Energy Transition Plan.
During his speech at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu said that the opportunities will not only provide electric power for economic development but will also lead to the creation of over 340,000 jobs by 2030.
He said the Energy Transition Plan (ETP) would create over 840,000 jobs by 2060, which will be driven mainly by power, cooking, and transport sectors, adding that gas would play a critical role as a transition fuel in Nigeria’s net-zero pathway, particularly in power and cooking sectors.
He said,
- The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles.
- $1.9 trillion is required to get Nigeria to net zero by 2060, including $410 billion above usual spending. This additional cost translates to about $10 billion annually. A $23 billion investment opportunity has been identified based on current in-country programmes and projects that are directly related to the Just Energy Transition.
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