COP-28: NASENI, REA Seal $150M Lithium Battery Manufacturing Deal With Chinese Investor
As the global community converges for COP 28 in Dubai, the Rural Electrification Agency (REA) of Nigeria and the National Agency for Science and Engineering Infrastructure (NASENI) are poised to make a significant stride in climate action by signing a groundbreaking Cooperation Agreement with the SHENZEN LEMI Technology Development Company, marking a pivotal moment in the global effort towards sustainable energy practices.
The Agreement was signed on December 8, 2023, under the leadership of the Nigerian Federal Ministry of Power and the China Ministry of Ecology and Environment. The partnership will facilitate the establishment of a Lithium-Ion Battery manufacturing and processing factory in Nigeria. This initiative is backed by a US$150 million investment from LEMI, with operations scheduled to commence in phases, starting from the 2nd quarter of 2024.
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The Chinese Ministry of Ecology and Environment, in collaboration with the Federal Ministry of Power in Nigeria, expressed enthusiasm for being part of this transformative agreement. The signing of the Cooperation Agreement is anticipated to serve as a pioneer initiative for the Light and Belt Initiative in Africa, aligning with global efforts to drive climate technology development and transfer.
This collaboration will strengthen the NASENI’s mandate under the Agency’s new leadership to manage the research and development of capital goods, production and reverse engineering to enhance local mass production of standard parts, and services for the nation’s technological advancement with a special focus on the Nigerian Electricity Sector.