Investors in renewables have called on the Federal Government to take advantage of the huge global opportunities in renewables, saying the country no longer needs to continue with fossil fuel exploration.

The call was made during the Renewable Energy Stakeholders conference organised by the Renewable Energy Association of Nigeria in Lagos. They said fossil fuel was at the edge of chaos, adding that low funding from especially international oil companies in preference for greener energies, was enough sign for the country to at least consider having an energy transition agenda.

“Fossil fuel is at the edge of chaos. This means that if oil and gas companies decide to shut down their economies against fossil fuels, the whole world would go into a spin. Africa should see opportunity in renewable energy instead of seeing it as a loss,” the Executive Vice President, Oando Clean Energy Ltd, Ademola Ogunbanjo, said during one of the sessions.

He argued that the global shift to renewable energy should not be perceived as a crisis.

“It is enough that the West has accepted how they have ruined the environment with their pursuit of various fossil fuel agendas, however, Nigeria should not see their renewable energy transition plan as a crisis but as an opportunity,” he said.

Rather than complain, he advised Nigeria to scale up on capacity building by atleast assembling solar panels in-country, and take advantage of the funding provided by the African Development Bank.

“This is an opportunity to skill up our youths to drive energy transition,” Ogunbanjo added.

The experts also argued that to improve the quality of life without access to electricity, the Federal Government must facilitate increased funding for the renewable energy sector.

They said this should be by prioritising foreign exchange access for renewable energy solutions and the associated appliances through import duty waivers and subsidies.  According to them, provision of forex, granting waivers and subsidies to businesses that drive and promote renewable energy awareness, would go a long way in supporting demand and driving growth in the sector.

Executive Secretary, REAN, Salamatu Tunzwang, also argued on how the current energy crisis had forced the world to break into the future, which she identified as “renewable energy.”






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