The FG aims to allocate more than $3 trillion for the energy transition

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The Minister of State for Petroleum Resources (Oil), Dr. Heineken Lokpobiri, revealed at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, that Nigeria is set to invest a total of $3.1tn in transitioning from fossil fuels to cleaner and renewable energy.

Lokpobiri specified that the energy transition plan is projected at $1.9tn, with an additional $1.2tn estimated for the renewable energy plan by 2060.

Emphasizing Nigeria’s commitment to responsible fossil fuel exploration and alignment with OPEC expectations, he stressed that the nation, particularly in Africa, aims to achieve this transition without relying on aids and grants.

During the forum, the minister, accompanied by Vice President Kashim Shettima and other global leaders, outlined strategic initiatives to position Nigeria as an attractive investment destination in the oil sector.

He invited prospective investors to join the transformative journey, ensuring mutual prosperity and sustainable energy solutions.

Highlighting the importance of increased investment in the oil and gas sector for economic growth and energy security, Lokpobiri advocated for domestic control of mineral resources’ mining and production.

He asserted that this approach would generate climate finance for Africa, emphasizing a shift in transition conversations towards trade and partnerships rather than focusing solely on deadlines.

 

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