Nigeria is set to benefit from the ongoing Korea-Africa Economic Cooperation (KOAFEC 2023) Conference in areas of Energy security, sustainable development, investment opportunities, knowledge sharing and capacity building and clean energy transition.

This was disclosed by the Minister of Power, Chief Adebayo Adelabu at the ongoing KOAFEC 2023 Ministerialconference in Busan, Korea.

The Conference which 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.

Speaking on Energy Security, one of the key areas the country can benefit, the Minister said the conference will address issues of energy diversification, reducing dependency on fossil fuels and promoting renewable energy. “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.

Adelabu noted that Energy plays a vital role in achieving sustainable development goals, such as poverty reduction, improved healthcare, education, and economic growth. The conference therefore 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 said that the Conference will also serve as platform for creating investment opportunities in the energy sector. “South Korea, with its expertise in technology and infrastructure development, will use this opportunity to explore partnerships and investment avenues in African countries. This can result in increased foreign direct investment, job creation, and technology transfer in the energy sector.

Additional benefits from the conference, the Minister said, include knowledge sharing and capacity building. “The conference facilitates knowledge sharing and capacity building initiatives between South Korea and African countries. 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”.

The Conference which holds from September 12-15, it was gathered will further assist in clean energy transition.

According to the Minister, with the increasing global focus on mitigating climate change, the conference provides a platform for discussions on clean energy transition. “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”, he said.