General
Nigeria Seeks $10bn Yearly to Achieve Energy Transition Goal
By Adedapo Adesanya
Nigeria’s Vice President, Mr Yemi Osinbajo, has said that Nigeria is seeking $10 billion in investment yearly to achieve its energy transition goal.
Mr Osinbajo stated this in his remarks delivered at the global virtual launch of Nigeria’s Energy Transition Plan, a roadmap to tackle the dual crises of energy poverty and climate change.
He said Africa’s increasing energy gaps require collaboration to take ownership of the continent’s transition pathways and the action should be decisive and urgent.
Speaking on the need to have a peculiar transition plan, the Vice President said “for Africa, the problem of energy poverty is as important as our climate ambitions. Energy use is crucial for almost every conceivable aspect of development. Wealth, health, nutrition, water, infrastructure, education, and life expectancy are significantly related to the consumption of energy per capita.”
He highlighted the significant scale of resources required to attain both development and climate ambitions, adding that Nigeria would need to spend $410 billion above business-as-usual spending to deliver our Transition Plan by 2060, which translates to about $10 billion per year.
“The average of $3 billion per year investments in renewable energy recorded for the whole of Africa between 2000 and 2020 will certainly not suffice,” he added.
Additionally, the Vice President noted that “we have an inter-ministerial Energy Transition Implementation Working Group, which I chair. We are currently engaging with partners to secure an initial $10 billion support package ahead of COP27 along the lines of the South African Just Energy Transition Partnership announced at COP26 in Glasgow.
Giving more details on energy poverty in Africa, the VP noted that “the current lack of power hurts livelihoods and destroys the dreams of hundreds of millions of young people.
“And although Africa’s current unmet energy needs are huge, future demand will be even greater due to expanding populations, urbanization, and movement into the middle class.
“It is clear that the continent must address its energy constraints and would require external support and policy flexibility to deliver this. Unfortunately, in the wider responses to the climate crisis, we are not seeing careful consideration and acknowledgement of Africa’s aspirations.”
Underscoring the importance of collaboration, the Vice President then noted that “we developed our Energy Transition Plan to engage with the rest of the world in a serious, thorough and data-backed manner.”
Mr Osinbajo explained that “there is a clear need for African nations to engage more critically and vocally in conversations on our global climate future.
“More importantly, we need to take ownership of our transition pathways and design climate-sensitive strategies that address our growth objectives. This is what Nigeria has done with our Energy Transition Plan.”
Making reference to the Nigeria Energy Transition Plan, the Vice President said “the plan was designed to tackle climate change and deliver SDG7 by 2030 and net-zero by 2060 while centring the provision of energy for development, industrialization and economic growth.”
According to him, “we anchored the plan on key objectives including lifting 100 million people out of poverty in a decade, driving economic growth, bringing modern energy services to the full population and managing the expected long-term job losses in the oil sector due to global decarbonization.
“Given those objectives, the plan recognizes the role natural gas must play in the short term to facilitate the establishment of baseload energy capacity and address the nation’s clean cooking deficit in the form of LPG.
“The plan envisions vibrant industries powered by low-carbon technologies; streets lined with electric vehicles and livelihoods enabled by sufficient and clean energy.”
On other aspirations of the roadmap, Mr Osinbajo explained that “the plan has the potential to create about 340,000 jobs by 2030, and 840,000 by 2060. It also presents a unique opportunity to deliver a true low-carbon and rapid development model in Africa’s largest economy.”
“We are currently implementing power sector initiatives and reforms focused on expanding our grid, increasing generation capacity, and deploying renewable energy to rural and underserved populations.”
Aside from the transition plan, the Vice President announced the launch of the Universal Energy Facility “an innovative, results-based, finance programme that focuses specifically on scaling up electricity access for productive uses.”
He explained that “the Universal Energy Facility will provide grant payments to enable solar companies to expand their operations to small and medium-sized enterprises across Nigeria, while crowding-in additional private capital.”
“Projects supported by the Universal Energy Facility will help grow businesses and create jobs, making them key contributors to our Energy Transition Plan.
“I’d like to encourage solar companies in attendance today to engage with this innovative financing opportunity, which is being managed by Sustainable Energy for All,” he added.
By Adedapo Adesanya
Three African subsidiaries of global advisory firm, PricewaterhouseCoopers (PwC), have been debarred by the World Bank Group for 21 months after being found guilty of manipulating procurement processes for a major cross-border electricity project.
In a statement on Wednesday, the Washington-based multilateral lender said PricewaterhouseCoopers Associates Africa Ltd, based in Mauritius, along with its Kenyan and Rwandan affiliates, engaged in “collusive and fraudulent practices” linked to the Eastern Electricity Highway Project, a flagship initiative to transmit hydropower from Ethiopia to Kenya.
The decision sidelines PwC from lucrative World Bank-funded projects on the continent, dealing a blow to one of the region’s most influential audit and advisory firms.
This development could reshape competition for high-value consulting work across emerging markets, potentially disrupting startups and tech firms reliant on World Bank funding, as scrutiny over governance and compliance tightens.
The World Bank, through its private sector arm, International Finance Corporation (IFC), offers grants and low-interest loans to startups across emerging markets.
Earlier this week, the IFC committed $20 million to invest in high-growth startups in Kenya, Nigeria, and South Africa.
“The debarment makes PwC Associates, PwC Kenya, PwC Rwanda, and any affiliates they control ineligible to participate in Bank Group-financed projects and operations,” the World Bank said. “It is part of a settlement agreement under which the three companies admit culpability for sanctionable practices.”
The determination was based on the company’s conduct between 2019 and the award of contracts for consultancy services and asset valuation work for the Ethiopian state power utilities.
According to the World Bank statement, the firm obtained confidential procurement documents to improperly influence the award of a contract for the implementation of International Financial Reporting Standards at the Ethiopian Electric Power Corporation.
They also attempted to steer a separate contract for a fixed asset inventory and revaluation for the power utility towards PwC Associates. During the bidding and execution of that contract, the bank found that the company misrepresented the availability and qualifications of key experts and failed to disclose the full list of subconsultants involved.
According to the World Bank, the debarment is shorter than would otherwise apply because PwC admitted misconduct. The advisory firm also agreed to a series of remedial measures, including internal investigations, disciplinary action against responsible staff, terminating relationships with all subconsultants involved, and additional staff training.
By Adedapo Adesanya
The Nigeria Sovereign Investment Authority (NSIA) has signed a Memorandum of Understanding (MoU) with UK‑based Asset Green Limited to advance the development of a $496 million large‑scale integrated dairy livestock production and processing platform set to transform Nigeria’s dairy industry and strengthen national food security.
This was signed on Tuesday in London ahead of President Bola Tinubu’s state visit. The MoU outlines the framework for collaboration and the project‑development cost commitments leading up to the formal shareholders’ agreement.
It will combine 20,000 hectares of climate‑smart, regenerative crop and forage production with a modern 10,000‑milking cow dairy operation, supported by a state‑of‑the‑art processing plant capable of producing fresh milk, milk powders, butter, cream, and up to 15,000 metric tonnes of infant formula annually.
Designed to reduce Nigeria’s reliance on imported milk powder, the project aims to modernise agricultural practices, improve nutrition, and integrate up to 10,000 rural households into the supply chain through inclusive out‑grower schemes. Once operational, the platform is expected to generate over $620 million annually and create 2,500 direct and 5,000 indirect jobs nationwide.
Speaking on this, the British Deputy High Commissioner, Mr Jonny Baxter, said, “Over a decade ago, the UK provided pivotal support to Nigeria in establishing the NSIA, offering legal and financial expertise that helped lay the foundation for its successful launch and strengthening its governance and credibility. That early institutional investment has paid dividends, helping to build a resilient Nigerian institution capable of creating jobs and driving transformational, long‑term development.
“The NSIA and Asset Green partnership is a powerful example of how that groundwork continues to deliver impact – a full‑circle moment that reflects the long-term economic cooperation between the UK and Nigeria and the shared commitment to deepening sustainable, private‑sector‑driven growth.”
The NSIA Managing Director, Mr Aminu Umar‑Sadiq, said, “NSIA is pleased to partner with Asset Green on this transformative investment. With a project size of almost US$500 million, this is one of the most ambitious initiatives aimed at strengthening Nigeria’s food and nutrition security in a generation. By combining climate‑smart farming, advanced processing capacity, and inclusive out‑grower participation, we are laying the foundation for a modern, competitive dairy sector that reduces import dependence, creates meaningful jobs, and delivers long‑term value for Nigerians.”
On his part, Asset Green’s Director & Agrium Capital Ltd chief executive, Mr Rod Bassett, explained that the partnership between NSIA and the firm is the business and investment innovation required to unlock the potential of the agriculture sector in Nigeria, with the development of such a future (dairy) food system.
“The foundation of the approach is one of collaborating with NSIA and their shared vision and purpose to establish a platform to catalyse the development of such a national strategic priority. We are incredibly proud to partner with Nigeria’s premier investment institution.”
“The development of greenfield projects has consistently played a major role in our history, establishing industries or nurturing young businesses that are able to deliver catalytic transformation. This $500 million greenfield investment in Nigeria’s dairy industry allows for the development of advanced and necessary infrastructure spanning the full production and supply system to enhance local production, reduce the reliance on the huge imports of dairy goods into Nigeria, deliver environmental services and strengthen national food sovereignty and nutritional resilience,” he added.
By Aduragbemi Omiyale
A Federal High Court in Warri, Delta State, has affirmed the right of Nigerians to film personnel of the Nigeria Police Force (NPF) on duty.
The judgment was given by Justice H. A. Nganjiwa on Tuesday in a case filed by Mr Maxwell Uwaifo in suit number FHC/WR/CS/87/2025.
The court held that Nigerians have the constitutional right to use any device to record police officers executing their official duties in public.
It was ruled that police officers must wear visible name tags, display their force numbers, and must not harass, intimidate, arrest, or seize devices from citizens documenting their activities.
The court awarded the applicant N5 million in damages for the violation of his fundamental rights and N2 million for the cost of litigation.
Business Post reports that the respondents in the case were the Inspector General of Police (IGP), the NPF, the Police Service Commission (PSC), and the Attorney-General of the Federation (AGF).
The lawyer filed the case in accordance with Sections 34, 35, 36, 37, 38, 39, 40, and 41 of the Constitution of Nigeria and others.
“This judgement has significant implications for policing standards, civil liberties, and public accountability across Nigeria,” Mr Uwaifo said after the judgement.
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