COP28: Nigeria Secures $150m Battery Manufacturing Deal In Dubai

At the ongoing UN Climate Change Conference nicknamed COP28, two Nigerian agencies have signed a $150 million battery manufacturing deal with a Chinese company.

The National Agency for Science and Engineering Infrastructure (NASENI) and the Rural Electrification Agency (REA) announced the deal on Friday which will see Shenzen LEMI Technology Development Company establish a lithium-ion battery factory in Nigeria.

REA’s Director of Promotion and Outreach, Mutari Ibrahim, who announced the deal on Friday, said the signing was witnessed by the leadership of the Nigerian Federal Ministry of Power and the China Ministry of Ecology and Environment.

The battery plant, which will be set up in phases starting from the second quarter of 2024, will be backed by Shenzen LEMI’s $150 million investment.

“The signing of the Cooperation Agreement is anticipated to serve as a pioneering initiative for Africa’s Light and Belt Initiative, aligning with global efforts to drive climate technology development and transfer.

“It also aligns with Nigeria’s ambitious goals of achieving universal electricity access by 2030 and net zero emissions by 2060,” said Ibrahim.

REA and NASENI anticipate the battery plant to boost indigenous industrialisation, job creation and economic growth while reducing dependence on fossil fuels.

THE WHISTLER reported that after his appointment in September, NASENI’s Chief Executive Officer, Khalil Suleiman Halilu, had set an ambitious vision for the agency with a promise to start developing homegrown tech solutions for Nigerians and Africans.

“Nigerians should be expecting products,” Halilu had said, adding “You know this agency has spent a lot of time doing research. I want to see made-in-Nigeria products because the whole essence of doing research and development is to be able to cough out products, you know, that will be used by the average Nigerian or African.”