Nigeria and other Sub-Saharan African countries will need $33 trillion to close the infrastructure gap in the region.
Mr. Mele Kyari, Chief Executive Officer of Nigerian National Petroleum Company (NNPC) Limited, revealed this yesterday during the CEOs session at the Nigerian International Energy Summit (NIES) in Abuja.
According to Kyari, Africa’s massive infrastructure gap must be bridged if it is to be among the regions to meet the energy transition requirement.
Energy poverty, according to the NNPC CEO, is still a big barrier in Africa that must be addressed before the continent can move forward with its energy transition. He stated that $33 trillion will be necessary over the next 20 years to close the infrastructural gap in the region.
Kyari expressed concern that the $33 trillion funding requirement would necessitate massive resources, claiming that obtaining such resources would be almost difficult. He warned that if the required cash is not found in the next 20 years, the infrastructural gap will remain unbridgeable.
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