- The minister listed energy security, clean energy transition, and investment as areas where Nigeria can benefit from KOAFEC.
- The conference addresses energy security issues, including reducing fossil fuel dependency and promoting renewable energy.
Nigeria’s Minister of Power, Adebayo Adelabu, has said that Nigeria would collaborate with South Korea on various aspects of the energy sector. The power minister, who made this known during the ongoing Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference 2023, currently being held in Busan, Korea, said Nigeria would benefit from the conference.
The conference, themed “Just Energy Transition and Agricultural Transformation in Africa,” was jointly organised by KOAFEC and the Africa Development Bank ( AfDB). On his official X, formerly Twitter page yesterday, he wrote, “I am currently attending the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference 2023 being held in Busan, Korea.”
The KOAFEC 2023 Ministerial Conference on Energy facilitates dialogue, cooperation, and partnerships between South Korea and African countries in various sectors, including the energy sector. He stated that it addresses critical energy challenges, promotes sustainable development, attracts investment, fosters knowledge sharing, and supports the clean energy transition in Africa.
He added that the conference provides an opportunity for policymakers, ministers, and representatives from both regions to discuss and address critical challenges and opportunities related to energy development and sustainability.
According to him, the key areas Nigeria can benefit from the conference include “1. Energy Security, which allows participants to address issues related to energy security, including diversification of energy sources, reducing dependency on fossil fuels, and promoting renewable energy. This will enable us to explore partnerships and strategies to enhance our energy security and reduce vulnerability to price fluctuations and supply disruptions.
“2. Sustainable Development: Energy plays a vital role in achieving sustainable development goals, such as poverty reduction, improved healthcare, education, and economic growth. The conference provides a platform to discuss sustainable energy solutions, including renewable energy technologies, energy efficiency measures, and clean cooking solutions, which can contribute to our sustainable development agenda.
“3. Investment Opportunities: The conference also serves as a platform for promoting investment opportunities in the energy sector. This can result in increased foreign direct investment, job creation, and technology transfer in the energy sector.
“4. Knowledge Sharing and Capacity Building: The conference facilitates knowledge-sharing and capacity-building initiatives between South Korean and African countries. It allows for the exchange of best practices, experiences, and expertise in energy planning, policy development, and implementation. Our country can benefit from South Korea’s advanced technologies and strategies for energy development, which can help build local capacity and strengthen institutional frameworks.
“5. Clean Energy Transition: With the increasing global focus on mitigating climate change, the conference provides a platform for discussions on clean energy transition. We will explore collaborations with South Korea to adopt low-carbon technologies, promote renewable energy deployment, and develop sustainable energy policies. This will contribute to reducing greenhouse gas emissions and promote climate resilience.”