Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has urged for increased foreign financing and stronger international collaboration to drive Nigeria’s energy transition ambitions, which include achieving net-zero emissions and universal access to clean energy by the year 2060.
Speaking during his keynote address at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, held in Abuja, Bagudu stressed the need for a united approach to mobilise the estimated $410 billion required for the country’s energy shift. The event was jointly organised by the Africa Policy Research Institute, the National Council on Climate Change, the Nigerian Economic Summit Group, the Shehu Musa Yar’Adua Foundation, and other development partners.
“We must work together, both nationally and internationally, to mobilize the scale of investment needed to meet our energy transition targets,” Bagudu said.
He disclosed that Nigeria has already identified $23 billion worth of investment-ready projects across areas such as power generation, transmission infrastructure, and clean cooking solutions. He added that efforts are ongoing to engage global partners and secure financial commitments to initiate implementation.
Reaffirming the federal government’s dedication to the Nigeria Energy Transition Plan, Bagudu described the initiative as a crucial roadmap not only for mitigating climate change but also for addressing energy poverty and driving inclusive economic development.
“Nigeria’s journey toward net-zero is not just about climate responsibility but about modernizing our economy, enhancing infrastructure, and ensuring inclusive development,” he stated. “It’s a collective national task.”
The Minister also emphasised the significance of critical policy tools such as the National Integrated Electricity Policy and the Integrated Resource Plan, which he said are pivotal in building a sustainable and inclusive energy future for the country.
He pointed to the growing frequency of climate-induced disasters, including severe flooding and environmental degradation, as urgent signals for the nation to accelerate clean energy adoption and climate action.
In a rallying call to citizens, particularly the youth, Bagudu urged for widespread participation and innovation in the transition process.
“Every state has something to offer to the national pool. Our diversity is our strength. We also celebrate the resilience of Nigerian women and reaffirm our commitment to inclusivity and empowerment through President Tinubu’s Renewed Hope agenda,” he said.
Also speaking at the workshop, Dr. Eugene Itua, Lead of the NESG Special Task Force for Climate Action, underscored the vital role of the private sector in unlocking climate finance and supporting technological innovation within Nigeria’s transition agenda.
“Nigeria faces a $1.9 trillion funding gap to achieve net-zero by 2060,” Itua said. “We must draw lessons from Just Energy Transition Partnerships (JETPs) in countries like South Africa, Indonesia, and Senegal to inform our own Country Platform for Climate Action.”
He further advocated for the development of public-private partnerships, the establishment of a carbon market, and the widespread deployment of solar energy initiatives as key components of a resilient and sustainable energy strategy.
The workshop brought together a broad spectrum of stakeholders including policymakers, development agencies, civil society groups, and international actors to discuss practical approaches for mobilising climate finance and accelerating energy transition initiatives across the Global South.
