Stakeholders Bemoan Poor Funding of Renewable Energy in Nigeria

Emmanuel Addeh in Abuja

Stakeholders in the clean energy space in Nigeria yesterday lamented lack of funding for major renewable energy projects in the country despite the global transition to low carbon power sources.

At a conference in Abuja with the theme: “Transforming Energy Finance: Bridging Gaps and Building Opportunities,” which was organised by the Renewable Energy Association of Nigeria (REAN), the stakeholders stressed the need to pull the plug on Nigeria’s fast dwindling global fossil fuel reserves and look at the alternatives.

The Chairman, House of Representatives Committee on Renewable Energy, Afam Ogene, who spoke at the event, stressed that science had shown that fossil fuels were some of the world’s, “friendly enemies.”

He said that their use should be re-examined.

He said that the world was changing and that Nigeria should not be left behind in taking actions that would protect its environment. He explained that there was the need invest in technological developments to boost renewable sources of energy.

“The global quest for safer, sustainable and renewable energy, is an indication that we all agree that there is a need for a new way of doing things.

“Besides the need for clean energy, there’s also a growing conversation across board about sustainable development in every sphere of life, or sectors of corporate or governance structures.

“Again, scientists and experts have predicted that we will deplete the earth’s fossil fuel reserves in as few as 50 years, so, investing now in renewable energy is one way to ensure a cleaner, greener, and more sustainable future.

“And with the fast dwindling global fossil fuel reserve and the increasing danger associated with it, especially as regards its impact on the environment and climate change, renewable energy is the future and Nigeria must step up and be more intentional in investing in the renewable energy sector and technologies,” he argued.

As pioneer Chairman of the House of Representatives Committee on Renewables since the return of democracy in 1999, he explained that there was the need to move to something greener, safer and more sustainable.

Ogene, stated that getting access to electricity remains a big challenge in Nigeria, raising the need for alternative energy sources to augment what the country currently has.

“With diverse renewable energy resources available in Nigeria, I believe that if the enabling technology is developed and funded, renewable energy has the potential to bridge the energy gap in Nigeria,” he noted.

In a goodwill message, the Managing Director, Rural Electrification Agency (REA) Ahmad Salihijo, said the nation’s off-grid, renewable energy space has grown at a fast pace in the last five years.

“With the current estimates on the number of Nigerians without access to sustainable energy however, it is obvious that the sector needs more push from you and I.

“The challenges we face are formidable, especially in addressing the resources needed to close the energy gap across the nation.

Yet, embedded within these challenges are opportunities for innovation, collaboration, and the creation of financial models that empower individuals and businesses alike,” he noted.

Salihijo, who was represented by the Head, Project Management Unit (HPMU) of the Nigeria Electrification Project (NEP), Abba Aliyu, noted that beyond keeping the lights on, sustainable energy access was the key to sustainable development and inclusion.

“With over 100 mini-grids deployed, over 1.5 million Solar Homes Systems (SHS) connections achieved and thousands of kilometres explored to reach communities suffering from energy poverty, we have witnessed over and over again how energy access transforms lives and enlivens communities,” he said.

Also, the President of REAN, Dr Ayo Ademilua, stated that Nigerians need to focus attention on renewables as an alternative to grid power, which is becoming more unreliable and expensive.

He stated that with the skyrocketing prices of diesel and petrol, per kilowatt power cost of renewable energy remains the best option for Nigerians.