Africa’s largest economy needs more than $400 billion for goal
Gas remains crucial in Nigeria’s energy transitioning drive
Nigeria, Africa’s biggest crude producer, joined some of the world’s largest energy exporters — Saudi Arabia and Russia — in pledging to eliminate planet-warming emissions by 2060.
The West African nation vowed to unconditionally cut emissions by 20% below the “business as usual” levels by 2030. The reductions can be increased to 47% if the country gets “financial assistance, technology transfer and capacity building from the more advanced and more willing international partners,” President Muhammadu Buhari said at the COP26 climate summit in Glasgow, according to a copy of his speech.
“We are looking for partners in innovation, technology and finance to make cleaner and efficient use of all available resources to make a more sustainable transition in energy markets,” Buhari said.
The challenge for Nigeria will be funding. Buhari earlier this year said that the nation will need more than $400 billion, mainly to build electricity generation, transmission and distribution infrastructure in a bid to reduce dependence on fossil fuels.
On Tuesday, he said gas will play a role in the transition while requesting developed countries to finance projects using transition fuels.
“Nigeria can continue to use gas until 2040 without diverting from the goals of the Paris Agreement,” he said. The country has huge reserves of the fuel, about the 9th largest in the world, that remains largely untapped.