The African Development Bank (AfDB) has said that Nigeria has the potential to lead lithium-ion battery manufacturing.
In its revised economic outlook for 2024, which was recently published on its platform, the bank noted that this potential is feasible with the discovery of over 3,000 lithium pegmatite bodies in Nigeria.
The AfDB also stated that the country can leverage its gas reserves to support the net-zero transition.
However, the bank noted that in order to bring in green funding and investment, a blueprint is needed for these kinds of opportunities.
It further observed that the country needs about $247 billion in climate financing through 2030 if it is to achieve its Nationally Determined Contribution.
It added that the private sector can play a critical role in climate fund mobilisation.
The bank said: