The Rural Electrification Agency of Nigeria (REA) and the National Agency for Science and Engineering Infrastructure (NASENI) sealed a $150m manufacturing deal at the just concluded COP 28 conference in the United Arab Emirates.
The ground-breaking Cooperation Agreement with the SHENZEN LEMI Technology Development Company was aimed at making a significant stride in climate action and enhancing sustainable energy practices.
Recall that climate actors, governments, and the global community recently converged for COP 28 in Dubai, in the UAE.
A statement from the REA stated 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 $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 said.
