Nigeria’s renewable energy sector has attracted over $2bn investment, says Tinubu

President Bola Tinubu says Nigeria has attracted over $2 billion in investment in the renewable energy sector.

Tinubu spoke on leveraging opportunities in the renewable energy space during the opening ceremony of the 2024 African Natural Resources and Energy Investment Summit held in Abuja on Wednesday.

Represented by Vice-President Kashim Shettima, he said the investment makes it one of the fast-growing sectors 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 said.

“In our transition to cleaner and more sustainable energy systems, we also recognise the pivotal role that natural gas plays. Natural gas is a transition fuel that will fundamentally restructure our nation’s economy.”

Tinubu, however, said discussions on the energy transition must also include the significance of the petroleum industry as a cornerstone of the nation’s economy.

The president highlighted strategic priorities for the sector including attracting more investment in the oil and gas industry, and increasing oil production to 2.1 million barrels a day by December 2024.

Others are improving investment in midstream and downstream infrastructure, tackling theft, and holding developers accountable for the highest environmental standards.

Tinubu reaffirmed his administration’s commitment to managing resources responsibly, minimising their ecological footprint and maximising their benefits for the nation.