President Bola Tinubu says Nigeria’s energy transition plan will require an annual investment of $10 billion.

Tinubu disclosed this in his remarks at the maiden Africa Climate Summit (ACS) held in Kenya.

Dr Ishiak Salako, the Minister of State for Environment, delivered Tinubu’s remarks at the ACS two-day event, which ended on Wednesday.

He explained that Nigeria’s Energy Transition Plan necessitates a total investment of $1.9 trillion up to 2060.

“Nigeria’s Energy Transition Plan requires $1.9 trillion in spending up to 2060, including $410 billion above business-as-usual spending.

“This additional financing requirement translates to about $10 billion per annum, but average international financing flows to Nigeria for clean energy have been about $655 million per year over the past decade,” he said.

Nigeria’s energy transition plan requires $10bn yearly investment – Tinubu