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July 25, 2024

ACS23: Nigeria’s Energy Transition Plan Requires Annual Commitment of  $17.7bn 

President Bola Tinubu has emphasized that the nation, which holds the title of Africa’s most populous, would need an annual investment of $17.7 billion to realize its unconditional commitments outlined in the Nationally Determined Contribution (NDC) by the year 2030. 

This announcement was made by Nigeria’s Minister of State for Environment and Ecological Management, Iziak Salako, during his address at the ongoing Africa Climate Summit in Kenya held on Tuesday.

“The unconditional target in our Nationally Determined Contributions (NDCs) requires $17.7 billion in investments annually,” the minister, who represented Mr Tinubu, said.

The NDC, short for Nationally Determined Contribution, represents a comprehensive document outlining ambitious commitments and strategies adopted by countries that have ratified the Paris Agreement. Its primary purpose is to facilitate the effective reduction of carbon emissions, thereby mitigating the severe impacts of climate change within their borders.

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