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BRIEFSeptember 1, 2022

Meeting of Nigerian VP with the WBG President Malpass 1st September 2022

VP Osinbajo and representatives of WBG / IMF Staffs

Vice President Osinbajo with the representatives of WBG and IMF Staff, Washington D.C.

The Vice President, Professor Yemi Osinbajo led a high-powered delegation to meet with World Bank Group President, David Malpass on 1st September 2022 as part of efforts to seek the multilateral institution’s support to Nigeria’s Energy Transition Plan (ETP).

The delegation which included the Ministers of Finance, Works, Environment as well as representatives of the Ministry of Power and Industries was received by the Executive Director Mr. Armando Manuel. Before proceeding to the Old Board Room, the AED, Ms. Ayanda Dlodlo had earlier received the Nigerian Minister of Finance along with other members of the Nigerian delegation. 

The Nigerian delegation was in the United States of America to solicit global support for the Nigerian Energy Transition Plan (ETP) which was launched recently in Abuja on 24th August 2022. The ETP is a multipronged homegrown strategy developed for the achievement of net zero emissions in terms of the nation’s energy consumption by 2060.

 The framework with set out timelines cut across five key sectors: power, cooking, oil and gas, transport, and industry. The Vice President explained that Nigeria needs US$410 Billion to finance the ETP and achieve universal energy access by 2030 and net zero emission by 2060. He emphasized the need for maintenance of a reliable base load energy to facilitate industrial sector growth, promote economic diversification and achieve sustainable development in the country.

In his response, President David Malpass affirmed the World Bank Group’s readiness to support Nigeria in phasing out regressive fuel subsidies, while increasing social assistance for the poor and vulnerable. He reiterated the importance of exchange rate unification and stabilization, as well as prioritizing climate change in the agenda to achieve Green Resilient and Integrated Development in Nigeria. President Malpass encouraged the Nigerian authorities to expedite action in this regard.

The Nigerian Vice President also met with the representatives of the Nigerian community working at the World Bank Group and IMF during this visit.