A renewable energy expert and Chief Executive Officer, Community Energy Social Enterprise, Dr Patrick Tolani has said finance remains the major challenge faced by the renewable energy industry in the country.
Speaking with Nigerian NewsDirect, he said robust law and regulation, non-implementing policy like renewable energy plan action, renewable energy policy are other challenges facing renewable energy action, renewable energy policy are other challenges facing renewable energy plan in Nigeria.
He lamented that, weak institutional infrastructure and framework affect heavy investment as investors might be weary of investing in such environment.
According to him, Nigeria is ripe for investment not just because of its poor power supply challenges Nigerian is facing but because the whole word is transiting to a green energy for the purpose of reducing carbon-emission which he said is aggravating climate change problem.
According to him, the whole world word is trying to utilize green setting and renewable energy setting but in the case of Nigeria and many other African countries where power supply is seriously devastating definitely we are ready for renewable energy and there are commitment through the Conference of Party (COP) under the united nation climate change bring many opportunities to get finance into renewable energy sector but Nigerians are not taken advantage of this opportunities yet .
He added that the, major opportunity of renewable energy is the green finance program that is money that is provided under unscc. the developed country had pledge to put finance into the unscc purse that different countries in the developing country can take advantage of for both mitigation and adaptation purpose.
Renewable energy is now being seen by many people around the world as a cost-effective development solution for developed countries and a developing country such as Nigeria. A report released by international development organisation Oxfam argues that renewable energy is in fact a more affordable energy source than coal for poor people in developing countries around the world.
The report argues that as a result of the changing energy landscape around the world, the decreasing price of renewable energies, and the often remote location of the majority of people who don’t have access to electricity, renewable energy may actually offer a more reliable and effective energy source.
Solar energy in Nigeria is majorly used in urban areas for street lighting, while in some rural areas it is used for irrigation project and water pumping. The country has a target in 2007 to produce 7% of its 2025 energy needs from renewable with solar and hydro as the major priority.