Renewable Energy should receive top priority in Nigeria’s Economic Sustainability Plan post COVID-19 and should be mainstreamed into the strategy for increasing domestic power supply.
The President of the Renewable Energy Association (REA), Mr. Segun Adaju, said this as a guest on WebTV’s “Market Review” program which explored the subject “Post COVID 19:Focus on Renewable Energy In Nigeria
Adaju singled out policy steps like waivers for the key players in the Renewable Energy market, that will encourage activities that could support the growth of power infrastructure in the country.
Adaju said that during the COVID-19 period renewable energy like solar have been deployed to power isolation centres effectively in the country. According to him “This is the time for the deepening of renewable energy in urban Africa and the globe”.
He added that the energy mix policy provides immense opportunities for the growth of the renewable energy market in the country, which is geared towards the generation of 30,000 Mega Watts of power by 2030, with 30% coming from renewable energy options.
Adaju agreed with the notion that there was need for the establishment of the Ministry of Renewable Energy, which will be focused on renewables as viable sources of power of generation and can be embedded into the power supply, especially for rural areas.
He also advocated for enabling policies to encourage local content in the industry, that could boost activities like the manufacturing of solar power panels.
The REA President also described the mini-grid policy, which major stakeholders in the Industry formulated as a remarkable initiative, that has deepened the activities of the Rural Electrification Agency in the country.
According to him the mini-grid policy concept in Nigeria was one of the best in the globe and cited Bayero University Kano (BUK) as an institution that has generated its own electricity in collaboration with the Rural Electrification Agency.
In the area of financing he said his members would explore how to access financing for renewable energy with green bonds and other clean energy financing vehicles.
He believed Nigeria could learn from Mexico, India, Germany, and Rwanda amongst other countries in maximizing the potentials of renewables to transform the power generation and distribution value chain in Nigeria.
Adaju also supported the full liberalization of the process for licensing in the power sector, which should allow for the adoption of the “Energy Mix” in the value chain, to improve the power situation in Nigeria.
The International Energy Agency, IEA has called on governments especially in developing economies, to integrate the renewable energy industry in their economic stimulus measures.