re posted from EXECUTIVE INTELLIGENCE REVIEW
Volume 49, Number 34, September 2, 2022
Nigeria’s VP Rejects Deindustrialization Under ‘Climate Change’ Pretenses
Speaking at the inaugural meeting of Nigeria’s Energy Transition Plan, August 24, Nigerian Vice President Yemi Osinbajo said Nigeria alone will need $10 billion per year in investments—for the next 40 years—to meet its 2060 climate goals while meeting the development needs of its people. Since western countries have not even come close to their promised $100 billion per year of climate change funding agreed to in Paris in 2015 to help developing nations—not just Nigeria—tackle global warming, this demand amounts to throwing down the gauntlet to the entire COP climate change process, as western governments are not able (or willing) to generate the credit, nor would they endorse the spirit of development contained in Nigeria’s proposal.
Osinbajo chairs the inter-ministerial Energy Transition Implementation Working Group.
“For Africa, the problem of energy poverty is as important as our climate ambitions,” Osinbajo , according to the Aug. 24 Premium Times. “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.
“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.”
“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…. Unfortunately, in the wider responses to the climate crisis, we are not seeing careful consideration and acknowledgement of Africa’s aspirations.”