The World Bank and the US Export-Import Bank (EximBank) have pledged a sum of $3 billion to boost the implementation of Nigeria’s energy transition plan.

The international organizations made the pledge on Wednesday at the official global launching of the Energy Transition Plan by vice-president Yemi Osinbajo.

Osinbajo, while speaking at the global launch on Wednesday, said the energy transition plan was designed to address energy poverty and climate change crisis; and  deliver sustainable development goal seven (SDG7) by 2030 and net zero by 2060.

The vice president noted that the plan will lift 100 million people out of poverty, reduce Nigeria’s carbon footprint, drive economic growth and create jobs.

Nigeria had earlier launched its energy transition plan to achieve universal energy access by 2030 and a carbon-neutral economy by 2060 to tackle poverty and climate change.