Public Management

Nigeria, Africa’s biggest oil producer, eyes net-zero by 2060

Nigeria, Africa’s biggest oil producer, eyes net-zero by 2060
Thursday, 04 November 2021 11:53

Like other African countries, Nigeria is stepping up initiatives to fight global warming. The largest oil producer in Africa says it wants to hit net-zero by 2060. The announcement was made last November 2 by President Muhammadu Buhari (pictured) at the UN Climate Change Conference in Glasgow, Scotland.

Achieving this objective will require an investment of about $400 billion, Buhari said. And Bloomberg reported, citing official sources, that $310 billion of the amount will be spent on building electricity generation, transmission, and distribution infrastructure and $75 billion on buildings. Buhari also urged partners to support his country’s ambition through financial assistance, technology transfer, and capacity building.

According to a USAID report, Nigeria accounted for only 1.0% of global greenhouse gas (GHG) emissions in 2014. The country will have to move toward greener resources, to reach its net-zero ambition by 2060.

In April, Nigeria revealed plans to convert one million vehicles to natural gas by 2025 to limit the use of non-eco-friendly fuels in transport and to reduce greenhouse gas emissions. However, President Buhari, during his speech at COP 26, called for the lifting of the embargo on investment in African fossil fuels. He stressed that his country is committed to eliminating illegal gas flaring by 2030.

The Nigerian president says he hopes developed countries will live up to the commitments they made at COP 21 to developing and emerging countries. These commitments include climate-friendly investments, especially in clean energy, green infrastructure, and technological innovation.

Dorcas Loba (intern)

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
• Adiwale Fund I takes minority stake in Senegal’s Codex SA• Investment to modernize fleet, expand regionally, boost operations• Codex operates Senegal’s...
• Togo’s GDP grew 17.7% in Q4 2024• Agriculture, construction, services drove sharp year-end rebound• Electricity, hospitality, and public sector saw...
• Morocco’s Jobzyn secures pre-seed funding from pan-African fund Janngo Capital.• Startup uses AI to match candidates, assess soft skills, and streamline...
• Acumen rolls out second KawiSafi fund with $90 million capital, $40 million secured.• Fund targets 50 million people, avoiding 50 million...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

Nigeria’s fintech landscape has undergone a seismic shift in recent years, driven largely by persist...

In Nigerian, Bank Technology Failures Pushed OPay and PalmPay to Leadership in Daily Payments
03

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
04

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
05

• Benin’s FeexPay and Côte d’Ivoire’s Cinetpay receive BCEAO payment service licenses• Both firms ex...

WAEMU fintech industry strengthens with two new BCEAO regulatory approvals
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.