Stakeholders in the renewable energy sub-sector, including the Liquefied Natural Gas (LNG) sector, are seeking sustainable investment in the renewable energy infrastructure as a way of bridging the gaps in the power sector.
They stated that currently, investment in the renewable energy sector has hit over $200million in Nigeria in the last 10 years, but claimed also that more investments are still needed to bridge the gap that exists in the sector.
They said there is need for the government to make the power sector attractive for investment through policy frameworks and by embracing new technologies.
Citing that Nigeria was lagging behind Niger and Cameroon in renewable energy adoption, the stakeholders expressed optimism that the nation will catch up rather than depend heavily on the grid when there are opportunities in the off-grid sector.
Speaking at a press conference ahead of the Future Energy Nigeria conference and exhibition in Lagos, the stakeholders added that there was need to advance conversations in the sustainable energy sector.
According to the Head of Sales, East and West Africa, Clarion Energy-Spintellingent, Ade Yesufu, “investors’ confidence needs to be gained by overhauling the value chain for competitiveness.”
Themed: “Advancing partnerships and solutions for a sustainable energy economy,” Yesufu said the event, while focusing on the value-chain of the power sector, also seeks to provide solutions to the nation’s power challenges as well as empower youths for improved capacity development.
The Marketing Manager, Jubaili Bros Engineering, George Kai, also explained that the initial cost of adopting renewable solution as well as access to funding are critical issues limiting the growth of renewables.
Considering the cost of the project at the initial stage, Kai urged interested off-takers to explore financing options as people are sceptical about their capital expenditure.
Explaining further on the quest to bridge the energy gap in the country, Pradipta K. Mitra, Market Research Specialist, Greenville LNG, observed that the claim that electricity can’t be supplied nationwide would be erased when government promotes more investment to harness LNG in Nigeria, adding that if such projects can be replicated, Nigeria’s power problem would gradually be solved.
Mitra further explained that LNG offers huge cost savings as against other fossil fuel products, adding that the firm is already supplying LNG to many industrial customers, adding that 200 tankers have been deployed, with 100 more tankers underway.
President Women in Renewable Energy Association/Former President of the Council on Renewable Energy, Mrs. Anita Okuribido, said the biggest consumers of electricity, (ministries, departments and agencies) in the country are not willing to pay, adding that there is a need for smart energy delivery system in the energy value chain.
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