In a groundbreaking announcement at the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland, Dr Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), disclosed Nigeria’s bold initiative to invest $3.1 trillion in transitioning from fossil fuels to cleaner and renewable energy by 2060.
The comprehensive plan includes a projected $1.9 trillion for the overall energy transition, with an additional $1.2 trillion earmarked specifically for renewable energy efforts. Minister Lokpobiri, in a post on social media, highlighted the collaborative effort with Vice President Kashim Shettima and other global leaders to emphasize Nigeria’s commitment to responsible fossil fuel exploration, utilizing state-of-the-art technologies.
During the World Economic Forum, Lokpobiri underscored Nigeria’s alignment with the expectations of the Organization of the Petroleum Exporting Countries (OPEC), showcasing the nation’s dedication to sustainable practices in the energy sector. Importantly, he emphasized that Nigeria, and Africa as a whole, would not rely on external aid or grants for this ambitious energy transition.
“At the 54th Annual Meeting of the World Economic Forum (Davos 2024), I outlined our strategic initiatives, positioning Nigeria as an attractive investment destination in the oil sector. I invited prospective investors to join us on this transformative journey, ensuring mutual prosperity and sustainable energy solutions,” said Minister Lokpobiri.
To fund these ambitious plans, the minister stressed the necessity of increased investment in Nigeria’s oil and gas sector to fortify the economy and ensure energy security. He highlighted the potential of domestically controlling mining and production, leveraging abundant mineral resources to generate climate finance for Africa, steering away from traditional aid or grants.
Minister Lokpobiri urged a shift in the conversation surrounding energy transition, advocating for a focus on trade and partnerships rather than rigid deadlines. This strategic approach aims to foster collaboration and ensure the success of Nigeria’s visionary energy transformation, setting a precedent for sustainable practices on a global scale.
