Taiwanese firms mull multi-billion naira solar plants, renewable energy investments
Taiwanese firms are planning multi-billion naira investments in solar plants and renewable energy projects in Nigeria as part of efforts to expand trade and economic cooperation between both countries. A
Taiwanese firms are planning multi-billion naira investments in solar plants and renewable energy projects in Nigeria as part of efforts to expand trade and economic cooperation between both countries.
A delegation of the Taiwan-Africa Business Association (TABA) will visit Nigeria later this year to sign trade and investment agreements with government agencies and private firms, Chairman, Mr. Chih-Peng Huang, told visiting Nigerian journalists at Taipei, yesterday.
Some select journalists are in the Asian country at the instance of the Foreign Ministry and the Taiwan Trade Mission in Nigeria. Huang said solar power projects have already been identified as a key investment area because of Nigeria’s electricity challenges.
“We are already engaging with Nigerian representatives to better understand priority sectors for investment. Given the electricity challenges in many African countries, including Nigeria, we believe solar power projects will be highly beneficial and widely welcomed,” he said.
Huang said planning for the solar project had started and a construction site had been identified. He added that a leading Taiwanese engineering and construction company was involved.
“At this stage, discussions are ongoing with Nigerian authorities and relevant agencies. We expect that within one to two years, significant progress will be made,” he said.
The project will be executed by Everlum Co. and will support the manufacture of solar panels for electricity generation in Nigeria.
He noted that about 80 Taiwanese investment cases already exist in Nigeria, which shows the country is attractive to investors.
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Huang said Taiwan paid little attention to Africa in the past because trade with the continent accounted for less than one per cent of its global trade. He added that trade with Nigeria stood at about 204 million dollars.
He said feedback from more than 75 Taiwanese companies operating in Nigeria showed the business environment was favourable.
TABA Executive Supervisor, David Lin, said many investors still lacked information about Africa’s economic potential.
“Some people don’t know Africa well. A lot of people don’t know that the GDP growth is about four per cent and there are over 200 million people in Nigeria alone,” he said.
Relatedly, Taiwan’s Foreign Affairs Minister, Lin Chia-lung, said his country was ready to deepen cooperation with Nigeria and share its experience in attracting investment and supporting industrial growth.
Lin described Nigeria as a strategic partner in Africa because of its population and economic size.
“As the nation with the largest population and GDP in Africa, Nigeria holds a pivotal position in regional development. Our aim is to ensure that cooperation goes beyond exchanges and continues to grow,” he said.
He said Taiwan was ready to expand cooperation with Nigeria in agriculture, digital technology, healthcare, energy and industrial development.
Lin also expressed hope that Nigeria would support stronger engagement with Taiwan, including facilitating the return of the Taiwan Representative Office to Abuja.
“We sincerely hope that Nigeria will continue to foster an enabling environment for closer and more effective engagement with Taiwan,” he said.
