President Bola Tinubu on Wednesday disclosed that Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.
Tinubu stated this on Wednesday during the opening session of the African Natural Resources & Energy Investment Summit, 2024, held at the State House Conference Centre, Abuja.
Represented by the Vice-President Kashim Shettima, Tinubu reiterated the commitment of his administration to continue to attract more private sector involvement in the renewable energy space.
He said, “In leveraging opportunities in the renewable energy space, Nigeria has attracted over $2 billion in investment in the renewable energy sector, making it 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.”
He, however, emphasised that discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation’s economy.
“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,” he stated.
He highlighted strategic priorities in the sector to include the goal to attract more investment in the oil and gas industry; grow oil production to 2.1 million barrels a day by December 2024.
” This is with a view to improving investment in midstream and downstream infrastructure; tackle theft; and hold developers accountable for the highest environmental standards,”the president said..
Tinubu further restated the administration’s commitment to manage resources responsibly, minimising their ecological footprint and maximising their benefits for the nation.
Earlier, the Minister of Solid Minerals Development, Dr Dele Alake, said the government was implementing some 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.
Dignitaries at the summit included Sen. Mohammed Sani (APC-Niger East), the Minister of State for Environment, Dr. Ishaq Salako; Minister of State for Steel Development, Mr Uba Ahmadu, and Permanent Secretary in the Ministry of Solid Minerals Development, Dr Mary Ogbe.