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NCF, Others Seek Investment in Solar Energy Generation

Published

7 years ago

on

solar energy roofing energy
  • 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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Investment

Nigeria Export-Import Bank Highlights Lucrative Investment Environment with Mexico

Published

6 days ago

on

November 27, 2023

By

NEXIM

In a meeting with the Mexican Ambassador to Nigeria, Alfredo Miranda, the Nigeria Export-Import Bank (NEXIM) revealed that investors in Nigeria are enjoying robust returns on their investments, even up to 30 percent.

Stella Okotete, the Executive Director of Business Development at NEXIM, highlighted the immense potential for collaboration between Nigeria and Mexico, emphasizing the benefits of expanding access to Nigerian goods in the Mexican market.

Okotete urged for a strategic partnership between the two nations, emphasizing that collaboration could enhance Nigeria’s foreign exchange earnings, attract investment opportunities, and foster prosperity for citizens in both countries.

She showcased Nigerian-made export goods financed by NEXIM, while underscoring other investment opportunities available in Nigeria.

She stated, “In terms of return on investments, this is the best place you can invest,” indicating the favorable investment climate in Nigeria, especially in the non-oil export sector.

Okotete also highlighted the untapped potential in Nigeria’s mining sector, expressing readiness to collaborate with Mexico to develop this sector for export.

The visit by the Mexican delegation is seen as a significant step toward strengthening economic ties between the two nations, exploring mutual benefits, fostering economic growth, and identifying investment opportunities.

Ambassador Miranda acknowledged Nigeria’s potential and initiatives by NEXIM to promote non-oil exports.

He stressed the need to identify business opportunities that could enhance trade, attract investment, and facilitate the development of both countries through their trade policies.

The meeting reflects a positive stride towards enhancing economic cooperation and fostering a strong economic partnership between Nigeria and Mexico.

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Investment

Mexican Investors Explore Solid Minerals Opportunities in Nigeria

Published

6 days ago

on

November 27, 2023

By

mining sector

The Minister of Solid Minerals Development, Dele Alake, welcomed a delegation of investors from the Republic of Mexico who are exploring investment opportunities in Nigeria’s solid minerals sector.

Minister Alake commended this initiative and underscored the commitment of President Bola Tinubu’s administration to facilitating a conducive business environment for investors in the industry.

The minister highlighted several incentives aimed at attracting investments, including zero-duty on equipment for solid minerals extraction, seamless repatriation of profits to the investors’ home countries, and tax holidays.

To ensure responsible and sustainable practices, Alake emphasized the importance of investors signing Community Development Agreements with local communities in mining areas to promote socio-economic development.

The ongoing efforts to sanitize the mining industry were also discussed, citing recent actions such as the revocation of titles failing to comply with annual service fee regulations.

Nigeria’s outgoing Ambassador to Mexico, Adejare Bello, vouched for the credibility of the visiting investors, affirming that their genuine and serious interest in business aligns with Nigeria’s economic objectives.

President of Seccion Internacional Para Africa, Dr. Heriberto Cortes, speaking on behalf of the investors, expressed gratitude for the constructive discussions with Minister Alake.

Cortes emphasized Nigeria as their African home and conveyed confidence in the safety and profitability of their investments in the country.

The visit signifies a positive stride towards strengthening economic ties between Nigeria and Mexico.

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Investment

Nigeria Identifies $23 Billion Investment Opportunities in Energy Transition Plan

Published

3 weeks ago

on

November 14, 2023

By

Nigeria investment

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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