- Nigeria secured over $2 billion in renewable energy investments in the past decade, focusing on local solar panel and battery manufacturing.
- President Tinubu emphasised natural gas as a transition fuel and plans to increase oil production to 2.1 million barrels daily by December 2024.
- Minister Dele Alake highlighted reforms in the solid minerals sector to boost investment, sustainability, and economic growth.
President Bola Tinubu revealed at the 3rd Africa Natural Resource and Energy Investment Summit (AFNIS) on Wednesday, July 17, 2024, that Nigeria has attracted over $2 billion in renewable energy investments in the past decade.
Vice President Kashim Shettima, representing Tinubu, highlighted the government’s aim to boost private sector involvement in renewable energy, including local solar panel and battery manufacturing. “Local production will cut costs and lower the electrification threshold,” Tinubu said.
He underscored natural gas as a crucial transition fuel for Nigeria’s economic restructuring. Renewable energy, especially solar power, offers the most cost-effective way to electrify rural areas. “Natural gas is pivotal in our cleaner, sustainable energy transition. Renewable energy is vital in our energy mix,” he added.
Tinubu also emphasised the ongoing importance of the petroleum industry, which plays a crucial role in domestic energy and economic growth. He reaffirmed plans to increase oil production to 2.1 million barrels per day by December 2024 and to enhance midstream and downstream infrastructure.
“Our goal is to attract more oil and gas investment, tackle theft, and ensure environmental standards,” Tinubu stated. He called for collaboration to help Africa meet climate targets and maximise the African Free Trade Continental Agreement (AfCFTA). “Transporting natural gas within Africa should be easier than to distant regions,” he said.
Minister of Solid Minerals Development Dele Alake, described AFNIS 2024 as a gathering of leaders committed to leveraging Africa’s resources for growth and sustainability. He outlined reforms to create a favourable investment environment in Nigeria’s solid minerals sector.
“Our approach focuses on policy reforms, sustainable practices, infrastructure development, and human capital enhancement,” Alake said. He emphasised that mining should benefit the economy while protecting the environment and local communities.
The AFNIS summit continues to serve as a critical platform for shaping Africa’s natural resources and energy sectors.