$410bn for Net-Zero: Nigeria Seeks Foreign Investment, Global Partnerships

Folalumi Alaran in Abuja

Minister of Budget and Economic Planning, Senator Abubakar Bagudu, yesterday, stressed the need for foreign finance and international cooperation to meet the substantial investment, estimated at $410 billion by 2060, to achieve net-zero emissions and universal access to clean energy. Bagudu stated this during his keynote address at the opening ceremony of Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, organised by Africa Policy Research Institute, with support from the National Council on Climate Change Secretariat (NCCC), Nigerian Economic Summit Group (NESG), Shehu Musa Yar’Adua Foundation, among others.

Bagudu pointed out that Nigeria had already identified $23 billion in investment opportunities in sectors, such as power generation, transmission, and clean cooking, and was working to secure financing commitments to kick-start implementation.

He reaffirmed the federal government’s dedication to advancing Nigeria’s national development plans, particularly emphasising the country’s energy transition and economic growth strategies.

Bagudu also underscored the importance of collective national commitment and hard work in realising Nigeria’s development goals.

The minister highlighted the government’s efforts to align with the Nigeria Energy Transition Plan (ETP), which aims to tackle energy poverty and climate change while promoting sustainable economic growth.

He stated that Nigeria had historically contributed to global institutions and was now focused on leveraging financial investments to support climate action and energy transition, including renewable energy projects and clean cooking solutions.

He also addressed the challenges posed by climate change, including floods and environmental degradation, linking these issues to the urgency of transitioning to sustainable energy sources.

Bagudu emphasised the government’s resolve to modernise the economy, improve infrastructure, and ensure inclusivity in development efforts. He highlighted ongoing policies, such as National Integrated Electricity Policy (NIEP) and Integrated Resource Plan (IRP) unveiled by the Ministry of Power.

The minister called on Nigerians, especially the youth, to embrace national commitment and hard work as essential drivers of progress, reiterating that every state in Nigeria has value to contribute to the national pool.

He praised the resilience of Nigerian women and the government’s focus on inclusivity and empowerment under President Bola Tinubu’s Renewed Hope agenda.

Bagudu concluded with a call for coordinated action, innovation, and sustained investment to realise Nigeria’s vision for a prosperous, sustainable future, and positioning the country as a leader in Africa’s just and equitable energy transition.

In his remarks, Lead of NESG’s Special Task Force for Climate Action, Dr. Eugene Itua, emphasised the critical role of private sector investment and innovation in Nigeria’s energy transition.

Itua highlighted the need for businesses to drive low-emission growth and unlock climate finance, citing Nigeria’s $1.9 trillion funding gap to achieve net-zero by 2060.

He stressed the need to learn from Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Senegal to design Nigeria’s Country Platform for Climate Action (CPCA).

Itua advocated stronger public-private partnerships to implement Nigeria’s Energy Transition Plan, including carbon market development and solar project aggregation.

He said Nigeria’s transition must balance economic development with climate resilience, leveraging lessons from Global South peers to avoid replicating outdated models, and reaffirmed NESG’s commitment to translating workshop outcomes into actionable strategies, particularly in bridging financing gaps and ensuring an equitable shift from fossil fuels.

“At the NESG, we firmly believe that a sustainable and economically vibrant future for Nigeria hinges on our ability to proactively address climate change and strategically navigate the complexities of a just energy transition,” Itua said.