President Bola Tinubu has announced that Nigeria has attracted over $2 billion in investment in the renewable energy sector.
Speaking at the opening ceremony of the 2024 African Natural Resources and Energy Investment Summit in Abuja on Wednesday, Tinubu, represented by Vice-President Kashim Shettima, emphasized the rapid growth of this sector in the Nigerian economy.
He stated, “Our commitment is to sustain this momentum and attract further private sector involvement in renewable energy, including the local production of solar panels and batteries.”
Tinubu also highlighted the importance of natural gas as a transition fuel in the shift to cleaner and more sustainable energy systems, recognizing its fundamental role in restructuring the nation’s economy.
However, he underscored that discussions on the energy transition must also consider the critical role of the petroleum industry in Nigeria’s economy.
The president outlined strategic priorities for the sector, which include attracting more investment in the oil and gas industry, increasing oil production to 2.1 million barrels per day by December 2024, enhancing investment in midstream and downstream infrastructure, tackling theft, and holding developers to the highest environmental standards.
Tinubu reaffirmed his administration’s commitment to responsible resource management, aiming to minimize the ecological footprint while maximizing the benefits for the nation.
