The Minister of Power, Adebayo Adelabu, announced on Monday that the Federal Government has identified approximately $23 billion in investment opportunities in Nigeria aligned with the country’s Energy Transition Plan (ETP).

Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu emphasized that these opportunities, linked to the ETP, would not only contribute to the generation of electric power for economic growth but also result in substantial job creation, reaching up to 340,000 jobs by 2030.

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Adelabu highlighted the transformative impact of the ETP, projecting the creation of up to 840,000 jobs by 2060, driven primarily by the power, cooking, and transport sectors.

He underscored the crucial role of gas as a transition fuel in Nigeria’s journey toward a net-zero pathway, particularly in the power and cooking sectors.

The minister stated, “The ETP creates significant investment opportunities such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles.”

He added that achieving Nigeria’s net-zero target by 2060 would require $1.9 trillion, with an identified $23 billion investment opportunity based on current in-country programs and projects aligned with the energy transition.

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Addressing the role of gas in Nigeria’s energy transition, Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, emphasized its potential in producing blue hydrogen, acknowledging that Nigeria is working to establish efficient gas commercialization and utilization policies.

Ambassador Annett Günther, the Ambassador of Germany to Nigeria, highlighted the commitment of both Germany and Nigeria to drive hydrogen production and usage.

Markus Wagner, the Country Director of GIZ Nigeria and ECOWAS, emphasized the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth.

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Wagner also acknowledged the longstanding cooperation between Nigeria and Germany in the energy sector, with a focus on positive change and sustainable development.