World Bank, US EximBank Pledges $3bn To Boost Energy Transition

Nigeria’s implementation of energy transition has received a major boost after the World Bank and the US Export-Import Bank (EximBank) pledged a sum of $3 billion to boost the project.

The pledge was made on Wednesday by international organizations at the official global launching of the Energy Transition Plan by vice-president Yemi Osinbajo.

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World Bank country director in Nigeria, Shubham Chaudhuri, said the international bank intended to commit over $1.5 billion towards the country’s energy transition plan.

“We plan to commit over $1.5 billion towards the Energy Transition Plan on renewable energy, on power sector reforms, and potentially hydropower, on clean cooking, and wherever opportunities arise.

“The policy and institutional reforms that will be necessary are also part of the agenda and we hope to be able to provide support for the fundamentally imperative of energy access but in a way that is consistent with the energy transition, what I think of as the NEAT imperative.

“The Nigerian Energy Access and Transition (NEAT) imperative is what we here at the World Bank are absolutely committed to supporting.”

Adam Cortese, Chief executive officer (CEO), Sun Africa, explained that talks with the US EXIM Bank on a $1.5 billion financing package is at its final stage.

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“The launch of Nigeria’s Energy Transition Plan has further accelerated our efforts, proving Nigeria to be fertile grounds for investments in the sector. We are in the final stages of discussion with US EXIM Bank on a USD 1.5 billion financing package.

“We are truly excited about the future and we are looking forward to helping Nigeria lead by way of example in Africa.”

Speaking at the official unveiling of the transition plan, Osinbajo said Nigeria’s energy transition requires a significant scale of resources which includes spending $410 billion by 2060.

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