The key opportunities in Nigeria’s energy transition plan 

Last week, the federal government (FG) launched the Nigerian Energy Transition Plan (NETP) towards the country’s commitment to net zero emissions by 2060.

The launch brought together in Abuja, stakeholders from the government cycle, civil society organisations, media, and energy and climate change experts across the country.

NETP is a home-grown, data-backed, multipronged strategy developed for the achievement of net-zero emissions in terms of the nation’s energy consumption.

The plan according to the FG was designed to tackle the dual crises of energy poverty and climate change and deliver goal 7 of the sustainable development goals (SDGs) by 2030 and net-zero by 2060 while centring on the provision of energy for development, industrialization, and economic growth.

The government also said, the plan has the potential of creating about 340,000 new jobs by 2030, and 840,000 jobs by 2060. 

It was added that the plan presents the country with a unique opportunity to deliver a truly low-carbon and rapid development model in Africa’s largest economy.  

NETP which is anchored on the government’s plan to lift 100 million Nigerians out of poverty in ten years and drive economic growth and bring modern energy services to full the population, is expected to help the country manage the expected long-term job loss in the oil sector due to global decarbonization.

At the moment, Nigeria—an oil-dependent nation is faced with an urgent need to diversify its economy to bridge revenue gaps.

According to the Central Bank of Nigeria, Nigeria’s mono-product economy had been detrimental to its economic growth.

Oil and gas accounted for 90 per cent of export income and 85 per cent of government revenue in the first quarter of 2022.

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