The Director-General of the World Trade Organisation (WTO), Ngozi Okonjo-Iweala, has urged the Federal Government of Nigeria to grab the investments from the climate funds.
Okonjo-Iweala made this call on Friday at the ongoing 28th meetings of the COP28 in Dubai, the United Arab Emirates, and suggested that Nigeria as a country needs to commence serious work on its Energy Transition Plan (ETP).
She said this after different countries made climate commitments following her address to the world leaders who are participating in the World Climate Action Summit.
According to Okonjo-Iweala, Nigeria has a comparative advantage in attracting and harnessing potential investments in the wake of the funds being pledged at the United Nations Conference of the Parties (COP28).
“This is the time for us (Nigeria) to harness the investments that are potentially out there. We must grab a slice of that $100 million Germany is promising,” she said.
“There is a need for Nigeria to begin serious work on its Energy Transition Plan (ETP).”
Okonjo-Iweala also spoke further on the energy transition plan, saying Nigeria would need its gas as a transition fuel.
The former Minister of Foreign Affairs added that this is because the country can not go from one to the other overnight.
“We are still a developing country with many poor people, but we should start now. There is a chance for Nigeria to access more finances as more pledges are being made by world leaders,” she said.
“Let us not stay behind; let us try to grab the investments that are willing to be made now. You heard that the UAE announced a $30 billion fund for investment, so we must tap into that.
“We must tap into the one from the US to start building up green hydrogen not only for ourselves but also for others.”
She also spoke at the Commonwealth Women Climate Leaders & Small Island Developing States Event, where she met with King Charles III and the Secretary General of the Commonwealth, Patricia Scotland KC.
Okonjo-Iweala said they discussed various ways trade can contribute to the low-carbon transition, including through the production and trade of green hydrogen.
The 2023 United Nations Climate Change Conference, or Conference of the Parties of the UNFCCC, more commonly referred to as COP28, is the 28th edition.
The conference is being held from November 30 until December 12, 2023, at Expo City, Dubai.