As the global community converges for COP 28 in Dubai, the Rural Electrification Agency (REA) of Nigeria and the National Agency for Science and Engineering Infrastructure (NASENI) has signed a $150 million Lithium-Ion battery manufacturing deal with Chinese investor SHENZEN LEMI Technology Development Company,
The Agreement was signed on Friday, under the leadership of the Ministry of Power and the China Ministry of Ecology and Environment.
In a joint statement issued by REA and NASENI, the partnership will facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria.
It said operations are scheduled to commence in phases, starting from the second quarter of 2024.
“The Chinese Ministry of Ecology and Environment, in collaboration with the Federal Ministry of Power in Nigeria, expressed enthusiasm for being part of this transformative agreement.
“The signing of the Cooperation Agreement is anticipated to serve as a pioneering initiative for the Light and Belt Initiative in Africa, aligning with global efforts to drive climate technology development and transfer,” the statement reads.
According to the agencies, both collaborations will strengthen NASENI’s mandate under the Agency’s new leadership to manage the research and development of capital goods, production and reverse engineering to enhance local mass production of standard parts, and services for the nation’s technological advancement with a special focus on the Nigerian Electricity Sector.
Furthermore, it said the collaboration underscores REA’s commitment to bridging the climate technology gap and combating the adverse effects of climate change.
“It also aligns with Nigeria’s ambitious goals of achieving universal electricity access by 2030 and net-zero emissions by 2060.
“The partnership aims to foster the development and transfer of climate technology, promote indigenous industrialisation, facilitate commercialisation, enhance public-private cooperation, and contribute to job creation, economic growth, and the extractive industry in Nigeria.
“Recognising the crucial role of energy storage in the transition to renewable energy sources, the investment in Lithium-Ion energy storage manufacturing signifies a significant step towards achieving a low-carbon economy.
“Research indicates that Lithium-Ion energy storage has the potential to reduce CO2 emissions by more than 20 percent per kWh capacity compared to traditional lead-acid technology,” the statement read.
READ ALSO FROM NIGERIAN TRIBUNE
