Agatha Chitumu, Abuja

 

 

NASENI, REA and SHENZEN LEMI Technology representatives after signing the deal in Dubai

DAILY COURIER – The Rural Electrification Agency of Nigeria (REA) and the National Agency for Science and Engineering Infrastructure (NASENI) have sealed $150m manufacturing deal at the ongoing COP 28 conference in the United Arab Emirate.

The groundbreaking Cooperation Agreement with the SHENZEN LEMI Technology Development Company is aimed at making a significant stride in climate action and to enhance sustainable energy practices.

Daily Courier reports that climate actors, governments and the global community converges for COP 28 in Dubai, in the UAE.

At the agreement signing ceremony signed on December 8, 2023, parties told newsmen that the partnership will among other things facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria.

The initiative, which is backed by a US$150 million investment from LEMI is scheduled to commence in phases, starting from the 2nd quarter of 2024.

Expressing enthusiasm for being part of the transformative agreement, the Chinese Ministry of Ecology and Environment, described the signing of the Cooperation Agreement as anticipated, saying it will serve as a pioneer initiative for the Light and Belt Initiative in Africa.

Aligning with global efforts to drive climate technology development and transfer, the collaboration it was learnt will strengthen NASENI’s mandate under the Agency’s new leadership.

“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 netzero emissions by 2060.

“The partnership aims to foster the development and transfer of climate technology, promote indigenous industrialization, facilitate commercialization, enhance publicprivate cooperation, and contribute to job creation, economic growth, and the extractive industry in Nigeria.

“Recognizing 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 REA and NASENI remain steadfast in theircommitment to cultivating partnerships that accelerate clean, innovative, and sustainable energy interventions, contributing to the global pursuit of a greener and more sustainable future.

About Rural Electrification Agency (REA)

The Rural Electrification Agency (REA) is the implementing agency of the Federal Government of Nigeria (FGN), under the Federal Ministry of Power, tasked with the electrification of unserved and underserved communities to catalyse economic growth and improve the quality of life for Nigerians.

“The REA is currently administering the Rural Electrification Fund (REF) and implementing the Nigeria Electrification Project (NEP) and several initiatives in furtherance of its mandate.

“To give effect to some of its initiatives, REA has obtained financing amounting to $550 million ($350 million from the World Bank and $200 million from the African Development Bank) for financing the Nigeria Electrification Project, and an additional $11 million for financing the Rural Electrification Fund for the deployment of Solar hybrid mini grids and solar home systems.

“These funds will ensure that millions of Nigerians have access to clean, safe, reliable, and affordable electricity.

About National Agency for Science and Engineering Infrastructure (NASENI)

NASENI is a Federal Government of Nigeria Agency responsible for developing and maintaining science, technology, and engineering infrastructure to drive industrialization, job creation, and national progress,”a statement said.