Renewable energy sector attracted $2bn in investment- Tinubu 

From Adanna Nnamani, Abuja

President Bola Tinubu said on Wednesday that Nigeria has secured more than $2 billion in investments within the renewable energy industry. 

Tinubu made this revelation during the commencement of the 3rd Africa Natural Resource And Energy Investment Summit (AFNIS) in Abuja.

The President, who was represented by Vice President Kashim Shettima, emphasised the importance of natural gas as a transitional fuel that will facilitate the fundamental restructuring of the nation’s economy.

According to him, “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 that includes 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,” Mr Tinubu said.

“In our transition to cleaner and more sustainable energy systems, we also recognise the pivotal role that natural gas plays. To meet our electrification targets, we must recognise 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.

He stated that any conversation about energy transition should acknowledge the vital role of the petroleum industry as a foundation of the economy.

The president further noted that for Africa to fully achieve its full potential and align with global climate goals, it must prioritise collaboration in its national transition plans.

“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 to account developers to the highest environmental standards,” he added.

He noted that the administration’s commitment is to manage these resources responsibly by minimising their ecological footprint and maximising their benefits for the nation now, he said.

The President pledged the commitment of his administration to continue collaborating with the international community and African neighbors to establish and enhance cross-border infrastructure networks, facilitating seamless movement of goods and services across Africa.