- NCF, Others Seek Investment in Solar Energy Generation
The Nigerian Conservation Foundation and Skangix Development Company Limited have called for more investment in nature-friendly energy sources such as solar.
According to them and other stakeholders, it has become crucial to invest in such options considering the rate at which the country’s natural resources are being depleted to produce energy.
The Director-General, NCF, Mr. Adeniyi Karunwi, at the foundation’s Energy Week, themed, ‘Energy: Make it nature-friendly’, said they aimed to promote the concept of clean energy among secondary school children in Lagos State.
“This is a vital premise to advocate for the protection of our planet as energy efficiency and use of renewable energy will greatly reduce our dependence on fossil fuel,” he said.
Karunwi stated that fluctuating power supply had hampered the nation’s productivity, making it difficult to attract foreign investors.
He stated, “Furthermore, local investors are facing a lot of loss in revenue due to the perennial power challenge. It is in view of this that countries with advanced technologies sought a lasting solution to this problem, which the Lagos State Government is currently imbibing. As partners, the NCF and Skangix are promoting renewable energy and advocating actions to embrace the use of solar energy.
“With limited resources, now is the time to promote sustainable energy policies, which put human well-being and the environment first; we must balance our demand for energy with our rapidly shrinking resources. Our actions today will help protect our future. Every second, the sun produces enough energy to sustain the Earth’s need, therefore, there is a need to harness this energy to stem problems associated with fossil fuel usage such as global warming.”
The Managing Director,Skangix Development Company, Mr. Sam Coker, said 31 public and private secondary schools voluntarily participated in the essay competition titled, ‘Sun: Energy for the future’ and ‘The energy crisis: Conventional energy vs solar energy’ in both the junior and senior school categories.
“Their standard of performance in the essay topic seems to demonstrate and reflect the slow but steady growth and awareness of the society in the realisation of the importance of this form of energy supply to us here in Nigeria, but more especially for the countries living within the tropics,” he said.
Coker added that his firm was an energy service company committed to advocating and providing solar energy solutions, with a strong belief in the utilisation of the sun’s solar energy potential as an alternate source of energy to sustain the nation’s growing economy.
The Managing Director, Energy Domain Limited, Mr. Fela Aromolaran, said there was a need for the public and private sectors to forge a partnership to develop solar energy.
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Nigeria Identifies $23 Billion Investment Opportunities in Energy Transition Plan
The Federal Government of Nigeria has pinpointed approximately $23 billion in investment opportunities in the nation’s Energy Transition Plan (ETP), according to Minister of Power, Adebayo Adelabu.
Speaking at the 2nd German-Nigerian Symposium on Green Hydrogen, Adelabu emphasized the potential for these opportunities not only to bolster electric power for economic development but also to generate a substantial net job creation, reaching up to 340,000 jobs by 2030.
Adelabu outlined the broader impact of the ETP, projecting the creation of up to 840,000 jobs by 2060, predominantly driven by the power, cooking, and transport sectors.
Gas, identified as a crucial transition fuel in Nigeria’s net-zero pathway, plays a pivotal role, particularly in power and cooking.
“The ETP creates significant investment opportunities, such as the establishment and expansion of industries related to solar energy, green hydrogen, and electric vehicles,” stated Adelabu.
He highlighted the financial commitment required to achieve Nigeria’s Net Zero target by 2060, emphasizing a $23 billion investment opportunity based on current in-country programs and projects linked to the Just Energy Transition.
Addressing the importance of gas as Nigeria’s transition fuel, Ogbonnaya Orji, the Executive Secretary of the Nigeria Extractive Industries Transparency Initiative, emphasized its potential to produce blue hydrogen. While not as clean as green hydrogen, it aligns with Nigeria’s pursuit of cleaner energy sources.
Orji acknowledged the need for efficient gas commercialization policies and transparent implementation to counter challenges such as gas flaring.
Ambassador of Germany to Nigeria, Annett Günther, affirmed the commitment of both nations to driving hydrogen production and use.
Markus Wagner, Country Director of GIZ Nigeria and ECOWAS, highlighted the transformative potential of green hydrogen in reducing carbon emissions, diversifying energy sources, and fostering economic growth, reinforcing the enduring partnership between Nigeria and Germany in the energy sector.
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