FG targets N834tn to reach its net zero goal.

Nigeria will need $1.9 trillion, or N834 trillion, according to the Federal Government, in order to achieve net zero by 2060 as part of its support for the international fight against climate change and in order to fulfill the country’s Energy Transition Plan.

Nigeria will need $1.9 trillion to reach net zero by 2060, including $410 billion in additional spending over what is anticipated. This equates to around $10 billion or N4 trillion yearly over the next few decades.

Before the COP27 meeting in Egypt, the Federal Government announced that Nigeria would raise an initial $10 billion support package to get the plan started. It also stated that a $23 billion investment opportunity had been discovered based on current in-country projects and programs that were specifically focused on the energy transition.

The proposal would be accomplished by incremental investments from 2021 to 2060, according to the document.

According to a breakdown of the necessary investment by sector, $135 billion will be spent on infrastructure, and $150 billion will be spent on the power industry. In addition, $12 billion will be spent on the oil and gas industry, $21 billion on business, $79 billion on food, and $12 billion on transportation.