Vice President Yemi Osinbajo has a few minutes ago, left Abuja Nigeria for the United States of America, a few days after he unveiled the Nigeria’s Energy Transition Plan, his Senior Special Assistant on Media and Publicity Laolu Akande reports.
According to the statement released on Wednesday 31st August 2022, by Laolu Akande, Vice President Yemi Osinbajo is leading a Federal Government of Nigeria delegation to Washington DC pitching the recently launched Nigeria’s Energy Transition Plan.
The Vice President’s Senior Special Assistant on Media and Publicity in the statement released on his official social media handle added that Professor Osinbajo would have a meeting with his American counterpart, Vice President Harris in the White House. And the World Bank Group President, other top US government leaders and private sector interests.
Nigeria’s Energy Transition Plan,
Osinbajo had a few days ago, declared that Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways, stressing that the action should be decisive and urgent.
He made the remarks at the global virtual launch of Nigeria’s Energy Transition Plan, a roadmap to tackle the dual crises of energy poverty and climate change.
Speaking on the need to have a peculiar transition plan, the Vice President said: “For Africa, the problem of energy poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.”
The Vice President highlighted the significant scale of resources required to attain both development and climate ambitions, saying Nigeria would need to spend $410 billion above business-as-usual spending to deliver its Transition Plan by 2060, which translates to about $10 billion per year.
“The average $3 billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice,” he said.
The Vice President noted further: “We have an inter-ministerial Energy Transition Implementation Working Group, which I chair. We are currently engaging with partners to secure an initial $10 billion support package ahead of COP 27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow.”
At the virtual event, Mr. Shubham Chaudhuri, Country Director for World Bank in Nigeria, said the bank plans “to commit over $1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise.”
In a similar vein, Mr. Adam Cortese, CEO, Sun Africa said: “The launch of Nigeria’s Energy Transition Plan has further accelerated our efforts, proving Nigeria to be fertile grounds for investments in the sector. We are in the final stages of discussion with US EXIM Bank on a $1.5 billion financing package.”
Speaking on the effects of climate change in Africa, Osinbajo explained: “Climate change threatens crop productivity in regions that are already food insecure. And since agriculture provides the largest number of jobs, reduced crop productivity will worsen unemployment.”
“It is certainly time for decisive action, and we just cannot afford to delay. African nations are rising to the challenge. All African countries have signed the Paris Agreement, and some countries, South Africa, Sudan, Angola, and Nigeria have also announced net-zero targets.”
Giving more details on energy poverty in Africa, the Vice President noted: “The current lack of power hurts livelihoods and destroys the dreams of hundreds of millions of young people.
“And although Africa’s current unmet energy needs are huge, future demand will be even greater due to expanding populations, urbanisation and movement into the middle class.
“It is clear that the continent must address its energy constraints and would require external support and policy flexibility to deliver this. Unfortunately, in the wider responses to the climate crisis, we are not seeing careful consideration and acknowledgement of Africa’s aspirations.”
Underscoring the importance of collaboration, the Vice President noted: “We developed our Energy Transition Plan to engage with the rest of the world in a serious, thorough and data-backed manner.”
Speakers at the event commended Nigeria’s leadership and pioneering role in the region, emphasising the need for data-driven country-level energy transition plans that recognise the unique pathways each country would need to take to achieve a just, inclusive and equitable energy transition for all.
The launch also featured remarks from Nigerian ministers and officials, including, Ministers of Environment, Mr. Mohammed Abdullahi; Power, Abubakar Aliyu; Works and Housing, Babatunde Fashola; Finance, Budget and National Planning, Zainab Ahmed; and Managing Director, Rural Electrification Agency, Ahmad Salihijo.
Other speakers included the Minister of Petroleum and Energies from Senegal, Dr. Aissatou Sophie Gladima; Minister of Electricity and Renewable Energy from Egypt, Prof. Dr. Mohamed Shaker El-Markabi as well as representatives of the United Nations, Sustainable Energy for All, World Bank, African Development Bank, IRENA, Rockefeller Foundation and Global Energy Alliance for People and Planet.