Nigeria announces major renewable energy investments, global collaborations
By Kunle Sanni
The Special Presidential Envoy on Climate Action, Ajuri Ngelale, has announced substantial investments in the renewable energy sector of Nigeria.
Ngelale disclosed the development during a virtual debate with Gim Huay, Managing Director of the World Economic Forum (WEF) Center for Nature and Climate.
He emphasized that this strategy represents a landmark in Nigeria’s journey towards green industrialization.
The envoy also revealed that Nigeria is poised to enhance its cooperation with Germany on hydrogen and wind energy development, a commitment made clear during discussions with Ambassador Johannes Lehne, the German Embassy’s Head of Climate Negotiations.
Moreover, Ngelale disclosed that Blackstone New Energy, a multinational investment firm, plans to expand its operations in Nigeria. The company aims to construct a facility with four times the current capacity in the new Evergreen City, a burgeoning green industrial zone.
This announcement follows the recent opening of a 1 million tonne per annum (mtpa) capacity lithium refining plant by Blackstone in Nasarawa State, as reported by Western Post.
Investor interest in Nigeria’s renewable energy sector is escalating globally, driven by the country’s aggressive push towards localizing the value chain in renewable energy technology manufacturing.
“This is the President’s vision – jobs, tax revenues, and inclusive economic growth for Nigerian youth,” Ngelale stated.
In a separate virtual meeting, Ngelale discussed potential partnerships with Tariye Gbadegesin, CEO of the G-7’s Climate Investment Funds (CIF).
The CIF, managing assets and pledges totaling $11 billion, focuses on climate-related investments in developing nations. The discussion centered on Nigeria’s current and future collaboration with CIF in its green industrialization efforts.
Experts have long noted that investments in renewable energy will not only bolster Nigeria’s energy security but also unlock numerous economic opportunities. Developing renewable energy infrastructure is expected to create jobs, stimulate local economies, and attract foreign investments.
More importantly, it has become common knowledge that reducing greenhouse gas emissions will enhance Nigeria’s resilience to climate change and contribute to global efforts against global warming.
Aligning with the United Nations Sustainable Development Goals, Nigeria’s commitment to renewable energy illustrates its dedication to fostering a sustainable and prosperous future.
By embracing clean and renewable energy sources, Nigeria is poised to become a regional leader in green economic development and an inspiration for other nations transitioning to a low-carbon future.
