Nigeria’s renewable energy sector has attracted over $2 billion in investments, says Tinubu

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

Tinubu spoke about using renewable energy opportunities during the opening ceremony of the African Resources and Energy Investment Summit 2024, which took place in Abuja on Wednesday.

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

“Our commitment is to continue on this path and attract greater private sector involvement in the renewable energy sector, including the production of locally produced solar panels and batteries,” he said.

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

Tinubu, however, said discussions on energy transformation must also include the importance of the oil industry as the foundation of the country’s economy.

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

Other entities are increasing investment in mid- and low-level infrastructure, combating theft and requiring developers to adhere to the highest environmental standards.

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