Vice President Yemi Osinbajo has revealed that Nigeria will spend $10 billion per year, totaling $410 billion, to implement the newly launched Energy Transition Plan by 2060.

Making this disclosure while speaking at the launch of the transition plan in Abuja on Wednesday, Mr Osibanjo said that the transition plan will raise Nigerian spending on renewable energy from $ 3 billion average yearly spending to $10 billion per year.

“Nigeria would need to spend $410 billion above business-as-usual spending to deliver our T-Plan by 2060, which translates to about $10 billion per year,” Mr Osibanjo while speaking at the launch said.

“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 added.

He also stated that the transition plan will lift 100 million Nigerians out of poverty in ten years, bringing modern energy services to the entire population.

“We anchored the plan on key objectives including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population and managing the expected long-term job loss in the oil sector due to global decarbonisation,” he added.

Designed to guide the country toward the twin goals of universal energy access by 2030 and a carbon-neutral energy system by 2060, the energy transition plan will also outline strategies for Nigeria to provide enough energy to power industry and other productive uses.

Natural and liquefied gas, according to Mr Osinbajo, will play a short-term role in facilitating the creation of baseload energy capacity and addressing the nation’s clean cooking deficit via LPG.