By; BAYO AKAMO, Ibadan
Minister of Power, Chief Adebayo Adelabu has hinted that Nigeria is set to benefit from the ongoing Korea-Africa Economic Cooperation (KOAFEC 2023) Conference.
The minister disclosed this in Busan, Korea at the ongoing KOAFEC 2023 Ministerial conference.
According to Chief Adelabu, the benefits for Nigeria as a country would be in areas of Energy security, sustainable development, investment opportunities, knowledge sharing and capacity building and clean energy transition.
He maintained that with the increasing global focus on mitigating climate change, the conference provides a platform for discussions on clean energy transition, saying , ” This can result in increased foreign direct investment, job creation, and technology transfer in the energy sector”.
The minister emphasized that additional benefits from the conference will include knowledge sharing and capacity building, adding, “We will explore collaborations with South Korea to adopt low-carbon technologies, promote renewable energy deployment, and develop sustainable energy policies”.
” This will contribute to reducing greenhouse gas emissions, promoting climate resilience, and achieving the targets of the Paris Agreements. The conference facilitates knowledge sharing and capacity building initiatives between South Korea and African countries”, he said.
The minister added, “It allows for the exchange of best practices, experiences, and expertise in energy planning, policy development, and implementation”.
“Our country can benefit from South Korea’s advanced technologies and strategies for energy development, which can help build local capacity and strengthen institutional frameworks”.
On Energy Security, one of the key areas the country can benefit, Chief Adelabu noted that the conference will address issues of energy diversification, reducing dependency on fossil fuels and promoting renewable energy.
The minister stressed, “This will enable us to explore partnerships and strategies to enhance our energy security and reduce vulnerability to price fluctuations and supply disruptions”, he said.
Emphasizing that energy plays a vital role in achieving sustainable development goals, such as poverty reduction, improved healthcare, education, and economic growth, Chief Adelabu said the conference provides, “a platform to discuss sustainable energy solutions, including renewable energy technologies, energy efficiency measures, and clean cooking solutions, which can contribute to our sustainable development agenda”.
He stressed that the conference will also serve as platform for creating investment opportunities in the energy sector, saying “South Korea, with its expertise in technology and infrastructure development, will use this opportunity to explore partnerships and investment avenues in African countries”.
The conference has as its theme: ‘Embracing a sustainable future: Just Energy Transition and Agricultural Transformation in Africa’, is being co- hosted by the African Development Bank ( AfDB) with the Ministry of Economy and Finance of the Republic of Korea.
The conference provides an opportunity for policymakers, ministers, and representatives from both regions to discuss and address key challenges and opportunities related to energy development and sustainability.