We have everything to gain to work with Nigeria. Through business, innovation, investments and cooperation, we can bring a sustainable future for our countries.
Svein Bæra, Norway’s Ambassador to Nigeria
Terje Osmundsen, CEO, Empower New Energy
This week, Nordic business leaders, diplomats and investors are gathering in Lagos to share experiences and explore new business opportunities between Nigeria and the Nordic countries. The forum called Nordic-Nigeria Connect is funded by the Nordic Council of Ministers and co-organized by Team Nordic in Nigeria. This year, the green transition is on the agenda. The goal is to find future solutions on how the countries can work together
Nigeria is one of Norway’s most important trading partners in Africa
Nigeria is one of Norway’s largest trading partners in Africa. The stockfish from Northern Norway, better known as the Okporoko, is a popular delicacy in Nigerian cuisine. The Nigerian market is extremely significant for Norway’s stockfish industry: We export about 400 containers of stockfish to Nigeria annually. Despite some currency challenges the last years, exports from Norway to Nigeria were still over $1 billion in 2024. A large proportion from the export comes from mineral oils and products, in addition to stockfish. As two maritime nations, Norway and Nigeria have much in common. But there is also another field where there is great potential for Norwegian and Nigerian businesses to cooperate more in the times ahead, which is to meet Nigeria’s immense need for energy with sustainable energy solutions.
Ambitious climate goals requires investments from industrialized countries
Nigeria has set very ambitious climate goals through the Paris Agreement. The so-called NDP (Nationally Determined Contributions) Nigeria has set for the UN Climate Summit COP30 in Brazil this year shows that energy transition is high on the agenda. Nigeria wants to reduce greenhouse gas emissions by 32% by 2035, and has a long-term goal of net zero emissions by 2060. The goal is that 50% of the energy mix will come from renewable energy by 2030. However, Nigeria has made it clear that the ambitious climate targets are subject to climate finance support from industriliazed countries. This is where Norway can play a role with our Climate Investment Fund and with private investments from businesses.
Nigeria needs clean, affordable and reliable energy to boost the economy
Nigeria is currently the country in the world with the most people without access to electricity. Today, more than 90 million of the population of 230 million people live without access to electricity. The absence of a stable power grid is holding back economic growth, creating delays and danger in businesses, factories, schools, hospitals and homes. Unreliable power and expensive energy costs create challenges for millions of people in their daily life. When diesel-powered generators are used to compensate for frequent power outages, it becomes harmful to people’s health and is polluting the environment as well.
In other words, there is a great need for a clean energy source that can provide cheaper, more reliable and clean energy to millions of people, businesses and institutions.
Solar boom on the way
It is a paradox that Africa is the continent in the world with the most access to sunlight, with 40 percent of the world’s solar energy potential, but that it only gets 3 percent of its electricity from solar power. Fortunately, we are now seeing a change: This year, imports of solar cells to Africa increased by 60 percent compared to last year, the think-thank Ember reports,
As a solar energy company that finances, builds and owns solar power plants in the agricultural, commercial and industrial sectors, Norwegian company Empower New Energy sees great opportunities for investments in Nigeria. The companies that partner with us to install solar panels experience immediate improvements. Clean, reliable and low-cost energy plays a significant effect for companies, as they save power costs, and contribute positively to the climate as well.
The supermarket chain Justrite in Nigeria is a good example. After partnering with Empower New Energy, Powercell and Huaweii, to install solar panels and battery solutions in 21 stores, the company is saving significant electricity costs, cutting 4,000 tons of CO2 annually and creating 130 new jobs because of the investment with a total worth of $11 million. The Justrite solar project is the biggest of its kind in West Africa. Justrite is leading by example, and showing businesses that installing solar power is a smart and sustainable choice.
Win-win for Norway and Nigeria
There is no doubt that investing in solar energy is a win-win situation for all parties. A company implementing solar power will cut costs and CO2, the energy supply becomes steady, and the investor, in this case Empower New Energy and the Norwegian state owned Development Finance Institution, investor Norfund, will make a profit. To continue this positive development in Nigeria, more investments are needed from Norway and other countries. Today, over 85 Norwegian companies have interests in Nigeria, in sectors such as renewable energy, agriculture, tech and health. With Norwegian expertise and long-term investments, Norway can contribute positively to both the economy and climate cuts in Nigeria. This will benefit both countries and stimulate sustainable growth further.
