Over $2 billion is invested on renewable energy— Tinubu

According to the President, the objective is to get the private sector more involved in the field of renewable energy, including the production of solar panels and batteries locally.

According to President Bola Tinubu, Nigeria’s renewable energy industry has drawn over $2 billion in investment, making it a rapidly expanding sector of the national economy.

The President outlined the sector’s top priorities, which include increasing investment in the oil and gas sector, increasing oil production to 2.1 million barrels per day by December 2024, enhancing midstream and downstream infrastructure investment, combating theft, and holding developers responsible for the strictest environmental regulations.

“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 said.

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According to a statement by the Senior Special Assistant to The President on Media & Communications, Office of The Vice President, Stanley Nkwocha, the President stated this at the opening session of the African Natural Resources & Energy Investment Summit, 2024, held at the State House in Abuja.

President Tinubu who was represented at the event by Vice President Kashim Shettima also instructed the Federal Ministry of Solid Minerals Development to issue mining licenses only if they were connected to local value addition.

This decision he said is to ensure that young Nigerians are actively engaged in economic activities, acquiring skills and contributing to the nation’s foreign exchange earnings and the overall development of the economy.

Senator Shettima also explained that the Tinubu-led administration’s target in the solid minerals sector is “to make Nigeria a leader in critical metals.”

In his opening remarks, Minister of Solid Minerals Development, Dr Dele Alake noted that the government is implementing wide-ranging policy reforms, sustainable practices, infrastructure development, and human capital enhancement to address longstanding challenges in the sector and unlock the full potential of Nigeria’s vast mineral resources.

Dignitaries at the summit included the Senator representing Niger East Senatorial District, Mohammed Sani Musa; Minister of State for Environment, Dr Ishaq Salako; Minister of State for Steel Development, Uba Maigari Ahmadu, and Permanent Secretary in the Ministry of Solid Minerals Development, Dr Mary Ogbe.

Others were Minister of Mines and Mineral Resources of Sierra Leone, Julius Mattai; Minister of Mining of South Sudan, Martin Gama Abucha; Minister of Mining of Malawi, Monica Chang’anamuno, MP; Minister of Mines and Energy of Liberia, Wilmot Paye; Deputy Minister of Petroleum, Mines and Geology of Chad, Oumar Moussa, and representatives of the governors of Abia, Ebonyi, Taraba, Kwara, Enugu, Nasarawa and Akwa Ibom States, among others.