Nigeria’s Energy Transition Plan with a 2060 target could be really challenged by the need for a clear development policy approach. Early distinct gaps noticeable in the NETP programme include a lack of holistic legal framework; no incentives for transition to clean energy; absence of disincentives for the use of dirty energy; and centralisation of energy provision in Nigeria, according to a report by the Nigerian Economic Summit Group.
The federal government, though, had only this year enacted the energy decentralisation law. If properly administered, Nigeria stands to gain from the energy transition, which will offer an excellent opportunity to address its energy poverty by leveraging abundant renewable energy sources. However in the short to medium term, the country will lose significant revenues because of its over-dependence on fossil fuels. However, the NETP projects 340,000 jobs to be created in 2030 and 840,000 by 2060