NIgeria: Investment In Renewable Energy Tops Discussion At NESG Roundtable Forum In Lagos

\Yemisi Izuora

The Nigerian Economic Summit Group, NESG in partnership with the Heinrich Böll Foundation (HBS) would host aa high level Business Breakfast Meeting on the Future of Renewable Energy Investments scheduled to hold in Lagos..

The organizers a statement  expressed the need for Nigeria to key into the sSector as the Global business space for clean technology is on the rise; and Africa is speedily becoming the new destination for smart clean business entrepreneurs especially in the power arena. the summit will look readiness of Nigerian market to adapt into renewables energy space and how it could compete with fossil fuels energy vision?

In a statement, Chibueze Ebii county communications manager Heinrich Böll Foundation (HBS, said, “Nigeria’s  huge energy potentials remain untapped due to the lack of a factual and comprehensive narrative on renewable energy, which ought to guide and address sector challenges. Whether Nigeria’s recent electricity vision of 30:30:30 will be achieved or exceeded is heavily dependent on the extent to which the Nigerian business environment understands and priorities renewable energy gains.

The Nigerian Economic Summit Group (NESG) in collaboration with the Heinrich Böll Foundation (HBS) have conducted a cost comparison study for generating electricity in Nigeria, both on-grid and off-grid, to inspire a wider debate on Nigeria’s electricity choices. Findings from the study reveal a positive business case for investments in renewable electricity in Nigeria. There is now an urgent need for a multi-stakeholder platform that will be an enduring framework to:·  Demonstrate the commitment of the Federal Government of Nigeria towards encouraging investments in renewable energy,·  Drive advocacy on the narrative for renewable energy in Nigeria,·  Identify and discuss investment options in Nigeria’s renewable energy technologies,·  Establish a viable role for investors,·  Conduct market sounding with investors,·  Unlock constraints towards achieving an accelerated process for investments in bankable projects”.

During the Business Breakfast, top executives from the private sector will meet in order to chart a way forward. From Germany, Dr Felix Matthes of the Oeko Institute will join the meeting; Dr Matthes advises governments in Germany, the EU and China on grid development options, decarbonisation, carbon trading and related issues.

“We are releasing our latest publication to the public next week. The publication focuses on the true cost of generating electricity in Nigeria from different energy sources – particularly Coal and Solar. These costs are highlighted in terms of environmental and social cost which are often not considered for energy development in Nigeria. The objective of this publication is to inspire a public debate on Nigeria’s Energy Future and the choices available to Nigeria” the statement added.

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