The Nigerian Vice President, Yemi Osinbajo has made some fresh revealations on Wednesday that for Nigerians to beat the constant issues with power and energy, they would have to spend over $410bn which would be used to deliver its energy transition plan by 2060.
Osinbajo had also made this statement at the global virtual inauguration of Nigeria’s Energy Transition Plan and this had been disclosed in a statement by his spokesman, Laolu Akande.
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The detailed plan would be a roadmap to control the dual crises of energy poverty and climate change.
Osinbajo highlighted the significant scale of resources required to attain both development and climate ambitions.
According to him, “For Africa, the problem of energy poverty is as important as our climate ambitions.
“Nigeria would need to spend 410 billion dollars above business-as-usual spending to deliver our transition plan by 2060, which translates to about 10 billion dollars per year.
“The average 3 billion dollars per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice.”
In another report, the Vice President of Nigeria, Prof. Yemi Osinbajo has also disclosed that ongoing security challenges and fresh threats require the military and other relevant stakeholders to always stay several steps ahead of non-state actors while also stepping up local production of armaments.
He made this assertion after receiving a presentation on ‘Defence Transformation and National Security: Strategic Options for Nigeria of the Future‘ by the National Defence College Course 30 participants, yesterday during a virtual interaction.
‘If you look at the challenges that we are facing and the nature of those challenges, it is evident that we need to be many steps ahead of non-state actors in particular who are perpetrators of this asymmetric warfare that we are experiencing,’ Osinbajo said in a statement by his spokesperson, Laolu Akande which was made available to Africa Daily News, New York.
‘It is clear that given current realities in our security situation, there is absolutely every need for us to fast-forward all our plans for the future so that we can be much more effective in dealing with the current threats and the threats that we will experience as we go into the future.
It further read; ‘One of the most critical areas is the question of local production of military hardware and I think it is a low-hanging fruit when it comes to manufacturing some of the hardware that we will need. I think that there is a need, especially now to really look very closely at local production of our hardware, beginning with armament.’
The vice president went on to also made a case for improved investment in Defence Industries Corporation (DICON), saying “every country of the world takes advantage of the crisis situation that it faces.
