Nigeria seeks $410b clean energy investment to hit net-zero by 2060

The Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has called for global investment support as Nigeria seeks $410 billion to achieve net-zero emissions by 2060.

Speaking at the Global South Peer Learning Workshop on Climate Action and Just Energy Transition in Abuja, Bagudu stressed the urgency of international cooperation to drive Nigeria’s clean energy transformation.

He revealed that Nigeria has already identified $23 billion in investment opportunities across power generation, transmission, and clean cooking, and is actively working to secure financing to jumpstart these efforts.

Reaffirming the government’s commitment to the Nigeria Energy Transition Plan (ETP), Bagudu highlighted the need to combat energy poverty, modernize infrastructure, and build a climate-resilient economy.

He also linked climate change challenges—such as flooding and environmental degradation—to the need for swift action.

Bagudu called on citizens—especially youth—to contribute actively to national progress.

Dr. Eugene Itua, who leads the Nigerian Economic Summit Group’s (NESG) climate task force, emphasized the importance of private sector leadership in unlocking climate finance.

He pointed to Nigeria’s $1.9 trillion funding gap and stressed the need for innovative partnerships, carbon markets, and solar project aggregation.

Drawing lessons from Just Energy Transition Partnerships (JETPs) in countries like South Africa and Indonesia, Itua urged Nigeria to design a strong, country-led platform for climate action that avoids outdated development paths.

“A sustainable and economically vibrant future for Nigeria depends on bold, strategic action on climate change,” he said.