Nigeria attracts over $2 Billion in renewable energy investment, says Tinubu
By Kunle Sanni
The Nigerian government announced on Wednesday that the country has attracted over $2 billion in investments in the renewable energy sector.
President Bola Tinubu, represented by Vice President Kashim Shettima, disclosed this at the opening ceremony of the 3rd edition of the Africa Natural Resource and Energy Investment Summit (AFNIS) in Abuja.
“Over the past decade, Nigeria has attracted over $2 billion in investment in the renewable energy sector, and this has become a fast-growing sector in the economy.
“Our commitment is to continue this trajectory and attract more private sector involvement in the renewable energy space, including manufacturing locally produced solar panels and batteries.
“By encouraging local production of equipment, we can reduce the cost of implementation, thereby lowering the threshold for electrification,” Tinubu said.
The President highlighted the importance of natural gas as a transitional fuel that will play a significant role in restructuring the nation’s economy.
He also stressed the significance of including the petroleum industry in discussions about energy transition, recognizing its status as a cornerstone of the economy.
“In our transition to cleaner and more sustainable energy systems, we also recognize the pivotal role that natural gas plays. To meet our electrification targets, we must recognize the importance of renewable energy in our energy mix. Renewable energy, particularly solar, remains the most cost-effective solution to connect our rural communities to electricity,” he said.
“While we strive to embrace renewable and cleaner energy sources, we acknowledge that oil and gas continue to play a vital role in our energy and economic landscape. These resources are critical not only for domestic energy needs but also for driving economic development and facilitating investment.
“Our goal is to attract more investment in the oil and gas industry and grow our oil production to 2.1 million barrels a day by December 2024. Furthermore, we will invest in our midstream and downstream infrastructure, tackle theft, and hold developers to the highest environmental standards,” he added.
He emphasized that the administration is committed to managing these resources responsibly by minimizing their ecological footprint and maximizing their benefits for the nation.
The president stated that in order for Africa to fully realize its potential and meet global climate targets, it must prioritize collaboration in collective national transition plans.
Tinubu stated that his administration will continue to work with the international community and African neighbors to initiate and develop cross-border infrastructure systems that will facilitate the movement of goods and services across Africa, fully leveraging the potential of the African Continental Free Trade Agreement (AfCFTA).
Earlier in his opening remarks, Minister of Solid Minerals Development, Dr. Dele Alake, announced the government’s strategy under the Renewed Hope Agenda to position Nigeria as a major player in the global minerals market.
“We are committed to transforming Nigeria’s solid mineral sector into a cornerstone for our nation’s economic diversification,” he said.
The minister noted that the government is implementing wide-ranging reforms to create a more attractive environment for investors, with a focus on enhancing transparency, regulatory clarity, and investor confidence.
The plan, he explained, encompasses several key areas, including policy reforms, sustainable practices, infrastructure development, and human capital enhancement. These initiatives are designed to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.
“This summit represents a significant milestone in our collective journey toward addressing Africa’s vast natural resources and sustainable economic development,” Alake said.
