Renewable Energy: Nigeria’s $15bn Market Biggest in Africa – REAN
………Capable of Displacing Generators
An energy logistics group, the Renewable Energy Association of Nigeria (REAN), has said that with an over $15billion market, Nigeria offers the biggest space for transactions on renewable energy in Africa.
The group said the country has enough capacity to displace generators and install renewable energy in home and industrial concerns.
The association noted that there is a need for the country to engage in more media awareness on renewable energy to enable it to save more money and eliminate environmental pollution and rising climate change that result from greenhouse emissions.
REAN President, Segun Adaju, who made this point during a media briefing on Wednesday in Abuja, noted that Nigeria can also take steps from developed nations on combating emission and achieving a healthier environment.
Adaju said that “At REAN, we have solar, wind, biomass, small hydro and geothermal sources of energy. Currently, Nigeria spends an average of 15 billion dollars every year to power their generators, according to a report by the Central Bank of Nigeria (CBN).
“So, if we are providing an alternative means of energy, we have a potential market of 15 billion dollars to displace generators and install renewable energy. Nigeria is seen as the biggest and commercially viable market for renewable energy investment in sub Saharan Africa because we have the highest number of people not having access to energy.
“They are powering themselves one way or the other. Some are using kerosene lanterns, some are using candles, so don’t even have to go to bed in darkness. So, these are potential opportunities to power those people,” he said.
According to him, the shift to low carbon technology will transform various sectors. There is a possibility of powering vehicles with low carbon technology like ethanol. A country like Brazil is doing it.
“Instead of using petrol, we can use ethanol to reduce emission. Imagine vehicles in Lagos running on E20. It means you have reduced gas emission.
“There are also electric vehicles. I was in Rwanda recently and saw their motorbikes. They were all electric. They set up a charge station for the electric vehicles. You go out in the morning to do business and return in the evening when the battery is depleted and keep it to charge. It reduces emissions from vehicles,” REAN chief executive said.
Going forward, the association will engage more with members of the public through the media, recalling that from a 21-member group in 2016, the association has grown to 160 members and 44 investees.
“Our members have the backing of All On to scale their businesses in the renewable energy sector. There are several things going on in the renewable energy sector that Nigerians need to know,” Adaju said.