The minister of state for petroleum resources (oil), Heineken Lokpobiri, says Nigeria will spend a total sum of $3.1trillion to transit from fossil fuel to cleaner and renewable energy, with a projected $1.9tn for energy transition plan, while $1.2tn was estimated for renewable energy plan in 2060.
Lokpobiri speaking at the 54th annual meeting of the world economic forum, in Davos, Switzerland, stated that Nigeria’s energy policies is aligned with the Organization of the Petroleum Exporting Countries OPEC’s expectations, showcasing the country’s dedication to sustainable practices.
On the issue of transitioning from fossil fuels, Lokpobiri said Nigeria will not rely on aids and grants to transition to cleaner and renewable energy sources in 2060, submitting that the transition conversations should move towards trade and partnerships, and not just deadlines, aid or grant.
Earlier, the Vice President, Kashin Shettima in his address expressed hope that domestic control on mining and production will be adequately monitored and improved to ensure that Africa is the master of its own resources
