President Bola Tinubu highlighted Nigeria’s strides in the renewable energy sector during the African Natural Resources & Energy Investment Summit, 2024, held in Abuja. Represented by Vice-President Kashim Shettima, Tinubu disclosed that Nigeria has attracted over $2 billion in investments in renewable energy, marking it as a rapidly growing sector in the economy.
Tinubu reaffirmed his administration’s commitment to further enhance private sector participation in renewable energy, aiming to manufacture locally produced solar panels and batteries to bolster the sector’s growth. He emphasized the importance of balancing this transition with the continued significance of the petroleum industry in Nigeria’s energy landscape.
“While we embrace renewable energy sources, we recognize the crucial role of oil and gas in our economy,” Tinubu stated, underscoring strategic priorities such as increasing oil production to 2.1 million barrels per day by December 2024, enhancing infrastructure investment, combating theft, and ensuring environmental accountability.
Furthermore, Tinubu reiterated his administration’s dedication to responsible resource management, focusing on minimizing ecological impact while maximizing national benefits. The summit also featured discussions led by Minister of Solid Minerals Development, Dr. Dele Alake, who outlined reforms aimed at improving transparency, regulatory clarity, and investor confidence in Nigeria’s natural resources sector.
The event was attended by key dignitaries including Senator Mohammed Sani, Ministers of Environment and Steel Development, and officials from the Ministry of Solid Minerals Development, highlighting a collaborative effort to harness Africa’s natural resources for sustainable economic development.