Nigeria Unveils Ambitious $3.1 Trillion Fossil Fuel to Renewable Energy Transition Plan

Dr. Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), has unveiled Nigeria’s plan to invest a staggering $3.1 trillion in transitioning from fossil fuel to cleaner and renewable energy. The announcement was made during the 54th Annual Meeting of the World Economic Forum in Davos, Switzerland.

According to Lokpobiri, the nation has allocated $1.9 trillion for its energy transition plan, with an additional $1.2 trillion earmarked for the renewable energy initiative by the year 2060. This comprehensive strategy underscores Nigeria’s commitment to embracing sustainable energy practices and reducing reliance on fossil fuels.

During the forum, Lokpobiri, accompanied by Vice President Kashim Shettima and other global leaders, emphasized Nigeria’s dedication to responsible fossil fuel exploration. The country intends to leverage cutting-edge technologies to meet its energy needs while aligning its energy policies with the expectations of the Organisation of the Petroleum Exporting Countries (OPEC).

Addressing concerns about financial dependence, Lokpobiri asserted that Africa, particularly Nigeria, would not rely on external aids and grants for the transition. Instead, the nation aims to fund its $3.1 trillion energy plans independently. He stated, “Our 2060 projected energy transition plan and renewable energy plan stand at $1.9 trillion and $1.2 trillion, respectively.”

To realize these ambitious plans, Lokpobiri emphasized the need for increased investment in Nigeria’s oil and gas sector. This investment, he believes, will not only boost the economy but also ensure energy security. The minister highlighted the significance of domestic control over the mining and production of mineral resources, asserting that this approach would generate more climate finance for Africa without relying on external aid or grants.

Lokpobiri concluded by urging a shift in the conversation surrounding energy transition from fossil fuels, advocating for a focus on trade and partnerships rather than rigid deadlines. The bold initiative aligns with President Bola Tinubu’s commitment to spending $17.7 billion annually to deliver on Nigeria’s climate targets and energy transition plan, signaling a transformative journey towards sustainable and renewable energy solutions.

#Watchvideo : SECURITY FORCES BURST THE CAMP OF UNKNOWN GUNMEN IN AKOKWA

Security Forces in the state through a coordinated intelligence report has bursted the camp of the unknown gunmen at Akokwa, Arondizuogu after a long gun duel which resulted to the death of some of the criminals and others arrested. These criminal elements have been known to be behind several attacks in the state such as the killing of police men in Mbaise, Aba Branch in Ehime Mbano, burning down of police stations, attack and attempted kidnapping of former Governor Ikedi Ohakim, abduction of Miss. P.P. Johnson, a female soldier in Okigwe and recently the attack in Akokwa that left many dead. It is obvious that these daredevil gunmen have been perpetuating their evil plans unabated until yesterday when their camp was bursted by security agencies. This is another assurance that our security operatives are leaving no stone unturned in the fight against banditry and other related activities. While it has become obvious that the activities of these non state actors are politically motivate...

BREAKING: 2Baba Shot Dead In Rivers State

A notorious cult leader and the prime suspect in the brutal murder of the late Divisional Police Officer, SP Bako Angbashim, in the state, Gift Okpara, popularly referred to as 2Baba, has been reportedly killed in a police-led major security raid. The police and other security agencies were said to have conducted land and aerial raids at the identical hideout of the Iceland cult leader and his gang at Idu-Ekpeye in Ahoada East local government area of Rivers on Saturday, February 17. According to The Nation , the Iceland cult leader was reportedly feared dead after the operation. Recall that in September 2023, the late DPO was ambushed and captured by the cult group led by 2Baba in the Odiemudie community, Ahoada East LGA. 2Baba and his gang then took the DPO to the forest, where they killed him and dismembered his body. The cultists then filmed him. Another source, Obi, said he saw no less than 15 vehicles and an Armored Personnel Carrier (APC) during th...

Prominent Leaders Pay Tribute to Late Sen Ifeanyi Ubah, at Anambra Community Candlelight Procession in Awka

Hundreds of mourners, friends, well-wishers, media representatives, and party faithful gathered are presently at Emmaus House in Awka for a candlelight procession to honor the late Senator Ifeanyi Ubah. Chief Egwuonwu in his speech expressed his deep grief over the loss of his friend and brother, Senator Ubah, saying it's hard to find words to convey his emotions. However, he says that he finds solace in the tremendous impact Senator Ubah had on the lives of those he encountered. Chief Owelle Mbaso, leader of Anambra Former Political Appointees in paying glowing tribute said that Senator Ubah led a life worthy of emulation. He said "he knew he wouldn't pass this way again,reason he ensured he impacted on several life's without expecting anything in return." Mr Linus Williams, BLord in a glowing tribute recounted how Late Senator Ubah helped him when he was wrongly accused of sponsoring terrorism. He said " even though I have not meet him or seen ...

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