The Federal Government has identified about $23 billion in investment opportunities in Nigeria for projects that are directly related to the country’s Energy Transition Plan, the Minister of Power, Adebayo Adelabu, stated on Monday.
In his remarks at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu said the opportunities would not only provide electric power for economic development but would result in significant net job creation with up to 340,000 jobs by 2030.
He said the ETP would create up to 840,000 jobs by 2060, driven mainly by power, cooking and transport sectors, adding that gas would play a critical role as a transition fuel in Nigeria’s net-zero pathway particularly in power and cooking sectors.
“The ETP creates significant investment opportunities such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles.
“$1.9 trillion is required to get Nigeria to Net Zero by 2060, including $410 billion above usual spending. This additional cost translates to about $10bn annually. A $23bn investment opportunity has been identified based on current in-country programmes and projects that are directly related to the Just energy transition,” Adelabu stated.