World Bank, U.S. pledge $3bn support to Nigeria’s energy transition plan 

The World Bank and US Export-Import Bank (EximBank) have plans to inject over $3 billion into Nigeria’s energy transition plan, the global financial institutions announced on Wednesday.

The pledge was made at the formal unveiling of the nation’s energy transition plan by Vice President Yemi Osinbajo.

Mr Osinbajo while speaking at the launch said that the transition will gulp a cumulative of about $10 billion per year, totaling $410 billion, for the entire transition plan billed to be completed in 2060.

The vice president disclosed that the energy transition plan will lift 100 million Nigerians out of poverty over a decade.

Shubham Chaudhuri, the World Bank’s country director for Nigeria, said during the launch that the organisation intends to “commit over  $ 1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, on clean cooking, and wherever opportunities arise.”

Sun Africa CEO Adam Cortese stated that Nigeria’s Energy Transition Plan has sped up efforts to show that Nigeria will be a fertile ground for investments in the sector.

Mr Cortese revealed that talks were ongoing with the U.S. EXIM Bank to support the project with $1.5 billion.

“We are in the final stages of discussion with US EXIM Bank on a $ 1.5 billion financing package,” He said.

Designed to guide the country toward the twin goals of universal energy access by 2030 and a carbon-neutral energy system by 2060, the energy transition plan will also outline strategies for Nigeria to provide enough energy to power industry and other productive uses.