By Tony Obiechina Abuja
Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, on Tuesday stressed the critical the need for foreign financial support and international cooperation to meet the substantial investment, estimated at around $410 billion by 2060, to achieve net-zero emissions and universal access to clean energy.
The Minister 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) the Nigerian Economic Summit Group (NESG) Shehu Musa Yar’Adua Foundation among others.
Bagudu pointed out that Nigeria has already identified $23 billion in investment opportunities in sectors such as power generation, transmission, and clean cooking, and is working to secure financing commitments to kickstart implementation.
He reaffirmed the federal government’s dedication to advancing Nigeria’s national development plans, particularly emphasizing the country’s energy transition and economic growth strategies, and also underscored the importance of collective national commitment and hard work in realizing 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.
Bagudu noted that Nigeria has historically contributed to global institutions and is 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.
He emphasized the government’s resolve to modernize the economy, improve infrastructure, and ensure inclusivity in development efforts, highlighting ongoing policies such as the National Integrated Electricity Policy (NIEP) and Integrated Resource Plan (IRP) unveiled by the Ministry of Power.
Furthermore, the minister called on Nigerians, especially the youths 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 Tinubu’s Renewed Hope agenda.
Bagudu concluded with a call for coordinated action, innovation, and sustained investment to realize Nigeria’s vision for a prosperous, sustainable future, positioning the country as a leader in Africa’s just and equitable energy transition.
In his remarks, Dr. Eugene Itua, Lead of the NESG’s Special Task Force for Climate Action, emphasized 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 learning from Just Energy Transition Partnerships (JETPs) in South Africa, Indonesia, and Senegal to design Nigeria’s Country Platform for Climate Action (CPCA) and advocated for stronger public-private partnerships to implement Nigeria’s Energy Transition Plan, including carbon market development and solar project aggregation.
He noted that 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” he said.
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The Act, the minister he explained establishes systems to incorporate climate considerations into national planning and outlines five-year carbon budgets with annual emissions targets.
Bagudu stated, “It (the Act) also establishes the National Council on Climate Change (NCCC) to oversee the implementation of climate policies and ensure that the country stays on track toward the net-zero 2060 target.
“Additionally, Nigeria has updated its Nationally Determined Contribution (NDC) under the Paris Agreement, enhancing the targets and aligning them with the net-zero vision. For instance, Nigeria enacted the Electricity Act 2023 in the power sector, liberalising the electricity market and allowing state governments and private investors to generate, transmit, and distribute power.
“In the oil and gas sector, the Petroleum Industry Act (PIA) 2021 overhauled the regulatory framework for the industry. The PIA includes provisions that support the country’s climate objectives; for example, it increased penalties for gas flaring and requires companies to develop gas utilisation plans, encouraging investments in gas processing facilities that support a transition fuel strategy, the establishment of the Host Communities Fund that can finance local environmental and development projects, and aid just transition efforts in oil-producing regions.”
The minister stated that Nigeria had established innovative institutional mechanisms to cohesively drive its Energy Transition Plan and climate agenda.
He explained, “The National Council on Climate Change (NCCC) is at the apex. This is complemented by the Energy Transition Inter-Ministerial Working Group, a high-level body implementing the Energy Transition Plan (ETP).”
Bagudu pointed out that Nigeria recognised climate change as a global phenomenon that no country can tackle alone, emphasising that the government has been active on the international stage, championing the interests of the Global South and forging partnerships for climate action.
“Nigeria’s diplomacy is guided by the principle of ‘common but differentiated responsibilities,’ acknowledging that while all nations must act on climate, developed countries should support developing nations with finance and technology,” he said.
During the United Nations Framework Convention on Climate Change (UNFCCC) negotiations, the minister stated that Nigeria continues to be a key player in the African Group of Negotiators and the G77+China coalition, advocating for outcomes that reflect Africa’s needs.
He stated that Nigeria strongly supported the establishment of a Loss and Damage Fund at COP27 to assist vulnerable countries in mitigating the impacts of climate-related disasters.
He further stated that Nigeria also emphasised adaptation through the Africa Adaptation Initiative and other platforms, arguing that adapting to climate impacts (droughts, floods, desertification) is as urgent as mitigation.
In his opening remarks, Dr Olumide Abimbola, the founder and director of APRI, the event’s main organiser said the 2-day workshop is organised in partnership with the Federal Ministry of Budget and Economic Planning, the National Council on Climate Change Secretariat, the Nigerian Economic Summit Group (NESG) and the Shehu Musa Yar’Adua Foundation.
According to him, the event would bring together government leaders, private sector players, civil society organisations, and international partners.
He said, ” At the heart of the event is a shared goal: to explore how Nigeria can design its own Country Platform for Climate Action (CPCA), a coordinated national framework to drive low-emission growth, mobilise climate finance, and ensure a just, inclusive energy transition.
” The workshop will draw lessons from countries like South Africa, Indonesia, Vietnam, and Senegal, which are already implementing Just Energy Transition Partnerships (JETPs)”.
