The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has said Nigeria has a comparative advantage in attracting and harnessing potential investments into the country based on funds being pledged at the ongoing United Nations Conference of the Parties (COP28)
The former Nigeria’s Minister of Finance and Coordinating Minister for the Economy made the remark today amidst climate commitments being made at the ongoing 28th meetings of the COP28 in Dubai, the United Arab Emirates.
She spoke shortly after she addressed world leaders at the World Climate Action Summit.
The WTO official said there is a need for Nigeria to begin serious work on its Energy Transition Plan (ETP). Nigeria expects to spend $1.9 trillion between 2022 and 2060 to meet the targets of the ETP across five sectors.
Nigeria, like most oil-producing countries, often touts gas as a transition fuel but lacks the infrastructure to deliver on that.
At the ongoing COP, Nigeria’s delegates have hinted that the country’s priority is to secure more finances from investors to achieve its ETP and other relevant climate actions in the country.
At the opening plenary of COP28 yesterday, a historic agreement was reached after delegates adopted the inclusion of loss and damage operationalisation fund in the summit’s agenda.