Climate Finance: What Would It Take To Fund Nigeria's Transition?

Despite its position as Africa's largest oil producer, Nigeria faces pervasive energy poverty, with approximately 71% of its populace lacking consistent access to electricity. This challenge is exacerbated by the mismanagement of the extractive sector, an excessive reliance on fossil fuels, and systemic distribution inefficiencies. Such issues contribute to widespread corruption, severe environmental degradation, and persistent conflict.

Addressing these intertwined challenges while harmonising energy and climate objectives is paramount for a sustainable and equitable transformation. Our analysis highlights key recommendations, including implementing targeted incentives and subsidies, enhancing financing mechanisms, bolstering capacity building, and improving existing policy and regulatory frameworks. By strategically embracing renewable energy sources and proactively addressing socio-economic and environmental hurdles, Nigeria can forge a path towards a more inclusive, resilient, and equitable energy system.