‘Nigeria to reap benefits of renewable energy’
Nigeria would soon begin to reap the benefits of renewable energy, Chairman, Security, Climate Change and Special Interventions Committee of the North East Development Commission, Sam Onuigbo, has said.
Onuigbo said the country could accelerate its march towards industrialisation by utilising its enormous energy market, even as he expressed happiness that the Federal Government has demonstrated strong determination by creating the enabling environment.
He said this during the 14th International Renewable Energy Agency (IRENA) Assembly, which took place in Abu Dhabi, United Arab Emirates.
Onuigbo said Nigeria has taken concrete steps not only to make the energy transition happen, but also strengthened the legal framework through the recent removal of electricity from the Exclusive to the Concurrent legislative list.
In a statement on Sunday, he said: “The subsequent enactment of the Electricity Act 2023 with provisions for off-grid and mini-grid generation and distribution of power are game changers. In all these, the President Ahmed Bola Tinubu administration has shown courage and direction.
“Other proof of the country’s commitment to providing fertile grounds to benefit from the global ambition of tripling renewable energy capacity by 2030 and consequent industrialisation are evident.
“They include, the Climate Change Act with its provision for research and development on renewables, Nigeria’s Clean Cooking Policy, which seeks to achieve universal clean cooking energy access by 2030, and recent provision of subsidies to support the development and the operation of privately-owned and operated solar hybrid mini-grids in unserved and underserved areas courtesy of a US$750m World Bank loan facilitated under the Distributed Access through Renewable Energy Scale-up (DARES) project.”
While emphasising the potential of Nigeria’s energy market of 90 million underserved people, Ounigbo who was a member of the 8th and 9th National Assembly, disclosed that he was able to put those indices out to the world through the series of interventions he made during the 14th IRENA Assembly.
The statement added: “I made presentations at the IRENA Legislators Forum; Regional Energy Transition Outlooks in Africa: Operational Workshop on Regional Scenarios; World Future Energy Summit hosted by MASDAR, all of which took place between 16-19 April, 2024.
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“It is evident that with the Renewed Hope Agenda of President Tinubu, Nigeria constitutes a fertile ground for investments in renewables. However, there is a need to sound a note or warning to international investors.
“They should be wary of repeating similar mistakes made by their predecessors during Nigeria’s telecommunications’ sector revolution, which saw many prospective investors lose out on the huge market due to wrong perceptions and poor business calculations and decisions.”
While urging forward looking investors to take maximum advantage of the current opportunity both for the growth of their businesses, and the country’s growth, Onuigbo said the tenor of conversations at the IRENA 2024 in Abu Dhabi, United Arab Emirates, showed that the world was focused on renewable energy investments and expansion.
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