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From Adanna Nnamani, Abuja
President Bola Tinubu, on Wednesday, disclosed that Nigeria has secured over $2 billion in investments in the renewable energy sector. The announcement was made during the opening of the 3rd Africa Natural Resource and Energy Investment Summit (AFNIS) in Abuja on Wednesday.
Represented by Vice President Kashim Shettima, President Tinubu highlighted the critical role of natural gas as a transitional fuel necessary for the fundamental restructuring of Nigeria’s economy.
“Over the past decade, Nigeria has attracted over $2 billion in investment in the renewable energy sector, which has become one of the fastest-growing sectors in our economy. We are committed to continuing this trajectory and increasing private sector involvement in renewable energy, including the local production of solar panels and batteries,” Tinubu stated.
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He emphasized that encouraging local production of renewable energy equipment can significantly reduce implementation costs, thereby lowering the threshold for electrification. Tinubu noted, “In our transition to cleaner and more sustainable energy systems, we also recognize the pivotal role that natural gas plays. Renewable energy, particularly solar, remains the most cost-effective solution for electrifying our rural communities.”
The President underscored the importance of the petroleum industry, stating that any discussion on energy transition must acknowledge its foundational role in the economy. He stressed the need for Africa to prioritize collaboration in its national transition plans to fully achieve its potential and align with global climate goals.
“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 increase our oil production to 2.1 million barrels per day by December 2024. We will also invest in midstream and downstream infrastructure, tackle theft, and hold developers to the highest environmental standards,” he added.
The President reaffirmed his administration’s commitment to managing resources responsibly by minimizing their ecological footprint and maximizing their benefits for the nation. Tinubu also pledged to continue collaborating with the international community and African neighbors to enhance cross-border infrastructure networks, facilitating the seamless movement of goods and services across Africa.
