Renewable Energy

Energy plays a crucial role in the growth and development of any economy, as it fuels all productive activities such as manufacturing, agriculture, commerce, etc. In today’s world, the economic prosperity of a country can be directly related to its per capita energy consumption.

Renewable energy has considerable potential in Nigeria and could bridge the major energy gaps, especially in off-grid areas. Nigeria is blessed with abundant renewable energy resources such as solar, wind, biomass, and small hydropower potentials. As such, increased penetration of renewables into the energy mix is key to achieving adequate and stable power supply. Additionally, more optimised opportunities present themselves annually as new grid technologies emerge.

However, the high initial capital outlay for renewable energy remains an issue because the majority of costs for years of use are incurred at installation. As a result, appropriate financing models are required to make it more affordable and accessible to Nigerians.

In addition, there is a need for energy efficiency awareness to encourage more participation, promotion and attraction of sustainable investment in the renewable energy sector. Energy efficiency also leads to important social benefits, such as reducing energy bills for poor households.