Private Sector Urged to Conduct Due Diligence, Review Counterpart Funding for Opportunities

Ugo Aliogo

The Chief Executive Officer, Nigeria Climate Innovation Center (NCIC), Bankole Oloruntoba, has urged the private sector to conduct adequate due diligence on the existing business opportunities in Nigeria and lock into the counterpart funding required for scaling the opportunities.

He said there are multiple ways of how to address electricity challenges, which include; regional IPPs, district related IPPs, even streets related IPPs and clustering data type.

He added that a cluster development model would be the best model that can help players in the sector scale the different new economies in the country.

Oloruntoba, who disclosed this yesterday in Lagos during the KPMG Breakfast Meeting with theme: “COP 27’s Loss and Damage Fund: Opportunities for Circular Innovation in the Nigeria Economy,” said the National Climate Change Council has also setup a framework of what Nigeria’s position is when it comes to carbon credit.

“So, the carbon credit is a voluntary credit system or carbon market, where everyone will sell and buy. But again, there is the coordination aspect, which allows you know, that there are certain rules and regulations of how it will happen. So, the conversation for us was around what kind of market is available within the circular economy? What kind of innovation opportunities can we find, and what sort of funding structures are also possible? And what do we need to do to access the bulk of available funds across the world around circularity,” he said.

On his part, the Managing Director, Bank of Industry, (BOI) Microfinance Bank, Azuka Okofu, said the federal government needs to create more awareness, and build capacity, adding that Nigerians are very innovative, creative, and smart people, “so that we can build businesses to meet the needs of Nigeria.”