According to the African Development Bank (AfDB), Nigeria has the potential to lead in lithium-ion battery manufacturing. The bank emphasized that this is possible with the discovery of over 3,000 lithium pegmatite bodies in Nigeria.
The African Development Bank has claimed that the country can use its gas reserves to support the net-zero transition. AfDB says:
“Exploiting Nigeria’s large gas reserves, estimated at 206.53 trillion cubic feet, and addressing gas flaring can support the net-zero transition.”Solid and vital minerals abound, creating prospects for green growth. Nigeria can take the lead in lithium-ion battery manufacturing thanks to the finding of over 3,000 lithium pegmatite bodies. Green employment creation and climate change reduction are among the benefits.”
However, the bank stated that in order to attract green capital and investment, a roadmap is required. It also stated that the country requires around $247 billion in climate financing through 2030 in order to meet its Nationally Determined Contribution. Furthermore, the private sector can play a crucial role in mobilizing climate funds.
AfDB is of the view that clean energy investment is required, including 8 gigatonnes of solar energy. Green bonds for energy efficiency and sukuk bonds for resilient transportation infrastructure are two examples of innovative financing options.
