Manufacturing and Energy

Risk management vital for Africa’s full transition to cleaner energy – President Bola Tinubu

President Bola Tinubu emphasizes that risk management is essential for Africa’s full and quick transition to cleaner energy, stressing that the continent must not fall prey to the disruptions that come with climate change mitigation measures. He is fully aware that Africa contributes the least to global carbon emissions but bears a disproportionate share of the economic burden for transitioning to cleaner energy.

President Tinubu stated that investments in alternative energy are desperately needed for Nigeria and Africa in order to fully and successfully transition, during a panel discussion on African green industrialization on Saturday in Dubai, United Arab Emirates, which was organized by the COP28 Presidency and His Highness Sheikh Mohamed bin Zayed Al Nahyan, the President of the United Arab Emirates.

In order to capitalize on Africa’s enormous potential contribution to the emerging global green economy and to allow the continent to successfully adapt and transition, the President stated that in addition to the urgent need to heal the bleeding earth, there is also an urgent need for fresh investments in crucial areas.

“International firms need to join forces with us to make investments in the wellbeing of our shared environment. In this way, Africa serves as an unparalleled opportunity. As the greatest economy in Africa, we are removing all barriers to growth. The climate for investing is improving and getting cleaner.

But how will all these developments not harm Africa? How can we maximize the value of our assets? While it’s widely acknowledged that the world needs mending, how do you tell a grandmother to quit cooking her meals over firewood? Investing in solar and alternative energy is my responsibility.

Here, you have to promote investment while also taking into account how this investment can impact us. Indeed, there is a market here as well as enough housing to electrify using solar power. Iron ore exists there, and investment is made there as well. For Africa, risk management is crucial. The chances ought to be taken as soon as possible. We are acting quickly, and we’ll make the most of the resources provided in exchange.”

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