Nigeria hits $2bn Investment in Renewable Energy, says Tinubu

President Bola Tinubu on Wednesday disclosed that Nigeria has attracted over $2bn in Investment in the Renewable Energy Sector, making it a fast-growing Sector in the Economy.

Tinubu stated this 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 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 $2bn 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.

Credit NAN: Texts excluding Headline