Nigeria Minister of Power, Bayo Adelabu currently attending the Korea-Africa Economic Cooperation (KOAFEC) Ministerial Conference 2023 holding in Busan, Korea.
The KOAFEC 2023 Ministerial Conference on Energy is important as it facilitates dialogue, cooperation, and partnerships between South Korea and African countries in various sectors including the energy sector.
The conference addresses key energy challenges, promotes sustainable development, attracts investment, fosters knowledge sharing, and supports the clean energy transition in Africa.
The conference further 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.
The key areas where Nigeria can benefit from this engagement are:
1. Energy Security which allows participants to address issues related to energy security, including diversification of energy sources, 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.
2. Sustainable Development: Energy plays a vital role in achieving sustainable development goals, such as poverty reduction, improved healthcare, education, and economic growth. 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.
3. Investment Opportunities: The conference also serves as a platform for promoting 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.
4. 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.
5. Clean Energy Transition: 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.
