COP-28: REA, NASENI Seal $150m Lithium Battery Manufacturing Deal With Chinese Investor

As the global community converges for COP 28 in Dubai, the Rural Electrification Agency (REA) of Nigeria and the National Agency for Science and Engineering Infrastructure (NASENI) are poised to make a significant stride in climate action by signing a groundbreaking Cooperation Agreement with the SHENZEN LEMI Technology Development Company, marking a pivotal moment in the global effort towards sustainable energy practices.

The agreement was signed on Friday, under the leadership of the Ministry of Power and the China Ministry of Ecology and Environment.

A joint statement issued by REA and NASENI said the partnership will facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria.

This initiative is backed by a $150 million investment from LEMI, with operations scheduled to commence in phases, starting from the 2nd
quarter of 2024.

The Chinese Ministry of Ecology and Environment, in collaboration with the Federal
Ministry of Power in Nigeria, expressed enthusiasm for being part of this transformative
agreement.

RELATED

Adesina, Onanuga And The Matter Of Being Better Off

2 hours ago

CONYL Honours CDS For Leading Charge Against Insecurity

2 hours ago

The signing of the Cooperation Agreement is anticipated to serve as a pioneer initiative for the Light in Africa, aligning with global efforts to drive climate technology development and transfer.

This collaboration will strengthen NASENI mandate under the Agency’s new leadership to manage the research and development of capital goods, production and reverse engineering to enhance local mass production of standard parts, and services for the nation’s technological advancement with a special focus on the Nigerian electricity sector.

Furthermore, the collaboration underscores REA’s commitment to bridging the climate technology gap and combating the adverse effects of climate change. It also signs with Nigeria’s ambitious goals of achieving universal electricity access by 2030 and net zero emissions by 2060.

The partnership aims to foster the development and transfer of climate technology, promote indigenous Industrialisation, facilitate commercialisation, enhance public private cooperation, and contribute to job creation, economic growth, and the extractive industry in Nigeria.