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
Egypt and Russia sign supplementary agreements to advance El-Dabaa nuclear plant
Egypt and Russia have signed a supplementary intergovernmental agreement to push forward the El-Dabaa nuclear power plant project in Egypt, Al Arabiya reported on July 8, citing a statement from ... more
Malawi-focused Mkango Resources' unit to merge with US-based Crown PropTech
Lancaster Exploration (Lancaster), a subsidiary of Mkango Resources (Mkango), has announced a merger with Crown PropTech Acquisitions (CPTK), a US-listed special purpose acquisitions company. ... more
Africa adds 4.5GW new hydropower capacity in 2024, says IHA
Africa made notable progress in hydropower development in 2024, adding over 4.5 GW of new capacity, more than double the 2 GW installed in 2023, according to the International Hydropower Association ... more
Most Read
-
Putin to skip Rio BRICS summit over ICC warrant as Xi signals no-show
15 days ago
-
Turkey yet to prove rare earth deposit has suggested “giant” potential despite reported processing talks with China
10 months ago
-
Uproar in Mongolia as development bank reveals scale of risky loans and NPLs
3 years ago