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Nigeria rolls out gas-based plan to

reach net zero by 2060

NIGERIA’S government has rolled out a new and utilisation.
NIGERIA plan for bringing net carbon emissions down to The gas programme has many natural syn-
zero by 2060. The initiative, which calls for using ergies with the decarbonisation plan. Even so,
natural gas as a bridge fuel, is both ambitious and the strategy that Nigeria is looking to follow is
expensive. an expensive one.
Federal authorities unveiled the new plan at Finance Minister Zainab Ahmed acknowl-
a ceremony on August 24, explaining that they edged this, saying at the ceremony on August 24
hoped to accomplish two goals – decarbonisa- that the cost of reaching net zero by 2060 was
tion and eliminating energy poverty throughout likely to reach $1.9 trillion. This figure includes
the country. $410bn beyond the country’s usual projected
These objectives are inseparable, as Afri- expenditures, equivalent to an extra $10bn per
can countries should not and will not pursue year, she stated.
any paths toward energy transition that do not Nigeria will need a significant amount of
expand access to electricity, Environment Minis- outside assistance with respect to financing and
ter Mohammed Abdullahi declared at the event. private-sector investment to reach its targets,
“As a continent, we must reject proscriptive, Ahmed added. So far, she said, the country has
one-size-fits-all solutions,” he remarked. not had enough of either to build up its domestic
Nigerian officials said at the August 24 cere- gas infrastructure to the desired levels. “Access to
mony that the plan for reaching net zero by 2060 finance remains the biggest challenge to decar-
was designed to ensure that all of the country’s bonisation,” she stated.
200mn-plus citizens were supplied with electric It is not yet clear where Abuja hopes to
power by 2030. (Currently, about 90mn Nige- obtain the necessary funds. The World Bank did
rians still lack access to electricity, and many of announce at the August 24 event that it intended
those who have it are dependent on diesel-fired to invest $1.5bn in Nigeria to support clean
generators.) cooking, renewable energy and power sector
The country intends to use a mix of fossil fuels reform projects. Likewise, the US-based solar
and renewable energy to achieve the goal of uni- power company Sun Africa said it was on track
versal power access. However, it will lean heavily to finish negotiations with the US Export-Im-
on gas, which it possesses in abundance. port Bank (Eximbank) on a $1.5bn financing
Nigeria has the largest gas resources in Africa. deal in the near future.
Its proven reserves amount to more than 200 However, neither party divulged details about
trillion cubic feet (5.7 trillion cubic metres), and the projects in questions nor said when the funds
officials in Abuja have said that the number has might become available. Additionally, Reuters
the potential to triple with further exploration of reported that Shubham Chaudhuri, the World
deepwater fields and other frontier provinces. To Bank’s country director for Nigeria, had hinted
this end, the federal government has launched that “policy and institutional reforms” might be
a wide-ranging “Decade of Gas” initiative a prerequisite for aid.™
designed to promote domestic gas development

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