By Nnasom David

Nigeria’s Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, has called for increased foreign financing and stronger international collaboration to support Nigeria’s ambitious goal of achieving net-zero emissions and universal access to clean energy by 2060. The country’s energy transition is projected to require an estimated $410 billion in investment.

Bagudu made the call during his keynote address at the Global South Peer Learning Workshop on Country Platforms for Climate Action and Just Energy Transition, held in Abuja. The event was organized by the Africa Policy Research Institute in partnership with the National Council on Climate Change (NCCC), the Nigerian Economic Summit Group (NESG), the Shehu Musa Yar’Adua Foundation, and other stakeholders.

“We must work together, both nationally and internationally, to mobilize the scale of investment needed to meet our energy transition targets,” Bagudu said.

He revealed that Nigeria has already identified $23 billion worth of investment-ready opportunities in power generation, transmission, and clean cooking. Efforts are ongoing to engage global partners and secure financial commitments to begin implementation.

Bagudu reaffirmed the federal government’s commitment to the Nigeria Energy Transition Plan (ETP), describing it as a vital framework for reducing energy poverty, mitigating climate change, and fostering sustainable economic growth.

“Nigeria’s journey toward net-zero is not just about climate responsibility but about modernizing our economy, enhancing infrastructure, and ensuring inclusive development,” he stated. “It’s a collective national task.”

He further emphasized the role of key policy tools such as the National Integrated Electricity Policy (NIEP) and the Integrated Resource Plan (IRP) in driving a sustainable and inclusive energy future. He pointed to climate-induced disasters like flooding and environmental degradation as urgent signals for accelerating clean energy adoption.

Calling on all Nigerians, particularly young people, to support the transition through innovation, discipline, and resilience, Bagudu said:

“Every state has something to offer to the national pool. Our diversity is our strength. We also celebrate the resilience of Nigerian women and reaffirm our commitment to inclusivity and empowerment through President Tinubu’s Renewed Hope agenda.”

In his remarks, Dr. Eugene Itua, Lead of the NESG Special Task Force for Climate Action, highlighted the significant role of the private sector in unlocking climate finance and advancing innovation within the transition framework.

“Nigeria faces a $1.9 trillion funding gap to achieve net-zero by 2060,” Itua said. “We must draw lessons from Just Energy Transition Partnerships (JETPs) in countries like South Africa, Indonesia, and Senegal to inform our own Country Platform for Climate Action.”

He also advocated for robust public-private partnerships, the establishment of carbon markets, and the scaling of solar energy projects to balance economic growth with climate resilience.

The workshop convened policymakers, development partners, civil society, and international stakeholders to explore strategies for mobilizing climate finance and scaling energy transition efforts across the Global South.