Nigeria could become a leader in the manufacturing of lithium-ion batteries used in cell phones, laptops and electric vehicles (EVs), the African Development Bank (AfDB) has said.
In its recently published revised economic outlook for 2024, the bank highlighted the discovery of over 3,000 lithium pegmatite bodies in the West African country.
“Abundant solid and critical minerals present opportunities for green development,” the AfDB said. “With the discovery of more than 3,000 lithium pegmatite bodies, Nigeria can lead lithium-ion battery manufacturing. The benefits include green job creation and climate change mitigation.”
The bank also highlighted Nigeria's strategic advantage due to its gas reserves of 206.53tn cubic feet. Leveraging these resources and addressing concerns like gas flaring can help Nigeria align with global sustainability goals and transition towards net-zero emissions.
However, the AfDB emphasised the need for a clear plan to attract green funding and investment to capitalise on opportunities. To achieve Nigeria's climate goals, approximately $247bn in climate financing is required by 2030.
The private sector, particularly through innovative financing options like green bonds for energy efficiency and sukuk bonds for resilient transport infrastructure, was identified by the bank as a crucial player in mobilising climate finance.
Related Articles
Ghana’s banking sector faces mounting global scrutiny amid rising internal fraud
Ghana’s banking sector is facing intensifying scrutiny on the international stage as fraudulent activity continues to surge, with 155 employees dismissed in 2024 for their involvement in financial ... more
Chinese coffee delegation to tour Uganda amid soaring exports
A Chinese coffee industry delegation will visit Uganda later this month for a national origin tour, Uganda’s Ambassador to China, Oliver Wonekha, announced on May 3 during the 137th China Import ... more
Scatec starts building 1.1GW solar project and battery storage system in Egypt
Norwegian renewable energy company Scatec has started constructing the 1.1 GW Obelisk solar project in Egypt and a 100 MW/200 MWh battery energy storage system, the company said in ... more