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Nigeria Outlines $3.1 Trillion Energy Transition and Renewable Energy Investment Plans

At the recent 2024 World Economic Forum Annual Meeting in Davos, Nigeria highlighted major energy transition and renewable energy investment plans totaling $3.1 trillion by 2060.

Vice President Kashim Shettima and Minister of State for Petroleum Resources, Dr. Heineken Lokpobiri, emphasised Nigeria’s commitment to responsible fossil fuel exploration using cutting-edge technologies aligned with OPEC sustainability expectations.

However, regarding transitioning from fossil fuels, Minister Lokpobiri stressed that Africa and Nigeria will not rely on aid and grants. He outlined Nigeria’s projected $1.9 trillion energy transition plan and $1.2 trillion renewable energy plan by 2060.

To achieve these ambitious plans, increased oil and gas sector investment is required to bolster Nigeria’s economy and guarantee energy security. With Nigeria’s vast mineral resource deposits, domestic mining and production control could yield more climate financing for Africa through trade and partnerships, not just deadlines.

Minister Lokpobiri invited prospective global investors to partner with Nigeria on this transformative journey to ensure mutual prosperity and sustainable energy solutions, reinforcing Nigeria’s position as an attractive oil sector investment destination.

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