World Bank, US EximBank commit $3bn to Nigeria’s energy transition plan
Nigeria’s energy transition plan has gotten a boost as the World Bank and US Export-Import Bank (EximBank) have pledged over $3 billion to its implementation.
On Wednesday, vice president Yemi Osinbajo officially launched the Energy Transition Plan where the international organisations made the commitment.
World Bank’s Nigeria country director, Shubham Chaudhuri, said the international bank aims at committing over $1.5 billion towards the country’s energy transition plan.
“We plan to commit over $1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, and potentially hydropower, on clean cooking, and wherever opportunities arise,” he said.
“The policy and institutional reforms that will be necessary are also part of the agenda and we hope to be able to provide support for the fundamentally imperative of energy access but in a way that is consistent with the energy transition, what I think of as the NEAT imperative.
“The Nigerian Energy Access and Transition (NEAT) imperative is what we here at the World Bank are absolutely committed to supporting.”
On his part, Adam Cortese, chief executive officer (CEO), Sun Africa, a renewable energy solutions company, said it was in the final stage of talks with the US EXIM Bank on a $1.5 billion financing package.
“The launch of Nigeria’s Energy Transition Plan has further accelerated our efforts, proving Nigeria to be fertile grounds for investments in the sector. We are in the final stages of discussion with US EXIM Bank on a USD 1.5 billion financing package,” Adam said.
“We are truly excited about the future and we are looking forward to helping Nigeria lead by way of example in Africa.”
Speaking at the official unveiling of the transition plan, Osinbajo said Nigeria’s energy transition requires a significant scale of resources which includes spending $410 billion by 2060.
He added that Nigeria has set up an inter-ministerial energy transition implementation working group and is “currently engaging with partners to secure an initial $10 billion support package ahead of COP27″.
Follow us on social media
