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February 27, 2024
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Cross section of participants at the International Conference organised by the Renewable Energy and Energy Efficiency Associations-Alliance (REEEA-A), in Abuja

Stakeholders seek increased investment in renewable energy

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By Ruth Oketunde

Stakeholders have called for increased investment in renewable energy as well as energy efficiency in the country, in other to promote the development of the sector.

They made the call at the 2023 International Conference of Renewable Energy and Energy Efficiency Associations-Alliance (REEEA-A), in Abuja.

The News Agency of Nigeria (NAN) reports that the event was organised in collaboration with the Nigerian Energy Support Programme (NESP), European Union, the German Government, among other stakeholders.

Dr Segun Adaju, Chairman of the Conference Planning Committee, said the conference was aimed at creating awareness about the alliance and also investment opportunities that lies in the sector.

He said it was important for Nigerians to key into alternative sources of energy for mobility, cooking, power among others.

According to him, the growth of the sector is deeply rooted in the private sector, as such the government is expected to develop appropriate policies for private sector investment.

“Every year Nigeria spends between 15 billion to 20 billion dollars to buy fuel for generators, that is an investment that is waiting to catalysed for the sector already,” he said.

Dr Imamudeen Talba, Chairman, Steering Committee, REEEA-A, said it was important to seek public-private partnership to foster collaboration to renewable energy in Nigeria.

He added that the Electricity Act recently signed by President Tinubu, had created a compelling need for restructuring of the power and energy sector in the country.

“To unleash this potential, we must create enabling environment that encourages private sector participation, to reduce investment risk and increases sustainable business forum.

“It is an an opportunity to learn from each other’s experiences and explore new avenues of cooperation to accelerate the transition to renewable energy and energy efficiency in Nigeria,” he said.

For her part, Ms Annett Gunther, Ambassador of the Federal Republic of Germany to Nigeria, said that it was necessary for the government and the private sector to find the right way to implement the energy transition plan.

She said that the German government would continue to support the country as it works towards its energy transition plan.

Also speaking, Prof. Abubakar Sambo, Chairman of the Board of Trustees of REEEA-A said with appropriate political will, renewable energy would solve the electricity problems in the country.

He said that the conference would provide a platform for policymakers and regulators to engage with the private sector and identify policy barriers, potential solutions that would accelerate private sector investments.

NAN reports that the event with the theme “Accelerating Private Sector Investment in the Renewable Energy and Energy Efficiency Sector”, had various panel discussions by experts in the field.

NAN also reports that with massive energy deficit, the highest in the world according to statistics, the Federal Government said it is contemplating a Renewable Energy plan (REmap) that would generate 178,000MW in its bid to overhaul Nigeria’s energy architecture.

To achieve the ambitious energy plan, the FG is scouting for investors to raise 1.22 trillion dollars to shift its energy sources to renewable, with a projected 178,000mws of electricity over the next 27 years.

Former Minister of Science, Technology and Innovation, Adeleke Mamora dropped the hint while launching the ambitious plan at the 13th International Renewable Energy Agency (IRENA) Assembly holding in Abu Dhabi, United Arab Emirates (UAE).

While renewable energy generation in the country is currently around 1,000MW, the federal government and its partners, especially International Renewable Energy Agency (IRENA) said they are pitching to global investors the ambitious plan aimed at ending energy poverty, addressing climate change and aiding Nigeria in achieving Paris Agreement projections as well as the Sustainable Development Goals.(NAN)(www.nannews.ng)

Edited by Sadiya Hamza

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