Nigeria Attracts $2bn Investment In Renewable Energy Sector – Tinubu

President Bola Tinubu has disclosed that Nigeria attracted over $2 billion in investment in the renewable energy sector, making it a fast-growing sector in the economy.

Tinubu has instructed the Federal Ministry of Solid Minerals Development to only issue mining licences if they are tied to local value addition.

This is to ensure that young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the overall development of the economy.

The President gave the directive 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.

In his keynote address, the minister of solid mineral development, Dr Oladele Alake, said the summit provides  a great opportunity to forge partnerships and attract investments that will drive the development of Africa’s natural resources.

According to him, AFNIS 2024 is not just another conference but a convergence of visionaries, policymakers, industry leaders, and stakeholders, all united by a shared commitment to unlocking the full potential of the continent’s natural wealth.

“This platform is pivotal, not only for the discourse it fosters but for the actionable insights and strategic partnerships it will undoubtedly yield. We are here to explore how Africa’s abundant resources can be leveraged to drive economic growth, social equity, and environmental sustainability.”

Alake noted that President Tinubu’s administration was committed to transforming Nigeria’s Solid Minerals Sector into a cornerstone of the country’s Economic Diversification Strategy.

“Our approach is multifaceted, focusing on policy reforms, sustainable practices, infrastructure development, and human capital enhancement. We are currently implementing comprehensive reforms that will create a conducive environment for investment in the Solid Minerals Sector. These reforms aim to enhance transparency, regulatory clarity, and investor confidence, fostering a competitive and thriving industry. This aligns with Mr. President’s vision of an open and transparent government that works for the people.”

The minister further stated that in extracting the minerals from the soil, attention is being paid to minimise damage to the environment, ands for the local community’s hosting the mineral wealth to benefit directly from the resources under their foot, through effective community development agreements (CDAs) between mining companies and host communities.

“Through robust Corporate Social Responsibility initiatives and proactive community engagement, our goal is to empower communities and foster inclusive development. This commitment is reinforced by the recent revision of the Community Development Agreement (CDA), which I initiated shortly after assuming office. This updated framework ensures that local communities are integral partners in mining ventures, safeguarding their interests and ensuring direct participation in and benefits from resource extraction projects. The CDA exemplifies our unwavering dedication to sustainable development, transparency, and the enduring prosperity of all communities involved,” he stated.

He also spoke about the importance of infrastructure and skilled workforce in enabling mining activities, saying the government was encouraging investments in key projects, including transportation, power supply, and technological advancements.

“These investments will facilitate efficient extraction, processing, and transportation of minerals, thereby boosting productivity and competitiveness.

“As building a skilled workforce is essential for the success of the Solid Minerals Industry, we will continue to enhance the capacity of our workforce through training and education, ensuring that our people can participate meaningfully in the industry and drive its growth. This is in line with President Tinubu’s commitment to creating opportunities for all Nigerians.”

The minister recalled Nigeria’s leadership role in the newly established Africa Minerals Strategy Group which he was elected the first chairman, saying the platform will enable him to set new standards in the mining industry and ensuring that Africa secures an equitable share in supplying the world with critical minerals.

“This initiative will drive economic growth, promote sustainable practices, and foster international collaboration in the Mining Sector.”

”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, Uba Ahmadu, and permanent secretary in the Ministry of Solid Minerals Development, Dr Mary Ogbe.

LEADERSHIP reports that countries like Chad, Algeria, Malawi, South Sudan, and Sierra Leone, among others are represented at the two-day summit ongoing at Banquet Hall, State House, Abuja.