Chinese investor to set up $150m lithium battery manufacturing factory in Nigeria

SHENZEN LEMI Technology Development Company has agreed to set up a $150 million lithium battery manufacturing factory in Nigeria.

The company made this known at the 2023 UN Climate Change Conference, COP28, in Dubai, United Arab Emirates following discussions with the Rural Electrification Agency and the National Agency for Science and Engineering Infrastructure (NASENI).

The Director of Promotion and Outreach, Mutari Ibrahim, disclosed this in a statement to NewsDirect on Friday.

According to the statement, the agreement was signed on Friday, 2023, under the leadership of the Nigerian Federal Ministry of Power, the China Ministry of Ecology and Environment to facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria.

“The signing of the Cooperation Agreement is anticipated to serve as a pioneering initiative for Africa’s Light and Belt Initiative, aligning with global efforts to drive climate technology development and transfer.

“It also aligns with Nigeria’s ambitious goals of achieving universal electricity access by 2030 and net zero emissions by 2060,” the statement reads.

NewsDirect gathered that Lithium-Ion energy storage has the potential to reduce CO2 emissions by more than 20 percent per kWh capacity compared to traditional lead-acid technology.