An energy storage company has called for stronger policy support, investment protection and local capacity building to encourage long-term investment in Nigeria’s renewable energy sector.
Timmy Shi, Director, Africa, Energy Storage Centre made this known at an Energy Conference in Lagos on Thursday.
Speaking, Shi noted that policy and regulatory certainty would be critical to attracting more international companies into Nigeria’s growing energy storage and renewable energy market.
She explained that the high cost of capital in Nigeria could discourage foreign investors despite the country’s growing demand for solar power and energy storage solutions.
She added that investors needed greater assurance that capital committed to the Nigerian market would be protected and that businesses would be able to operate under predictable regulatory conditions.
According to her, lower-cost financing available in some international markets could support investment in Nigeria, but concerns about market risks and the ability of investors to recover their capital could limit the entry of new companies.
Shi also called for greater localisation of the energy storage industry, saying international companies should contribute to the development of local capacity rather than relying solely on imported products and expertise.
She said this should include investment in local manufacturing and partnerships with Nigerian companies, as well as the development of technical skills needed to support the growing industry.
Shi said energy storage manufacturers also had a responsibility to provide quality products, after-sales services and technical education as they expand into new markets.
She identified education as an important part of developing Nigeria’s energy storage ecosystem, particularly through training for young people, installers and other participants in the renewable energy market.
According to her, educating local stakeholders would improve their understanding of energy storage technology and developments in the global market while creating a stronger technical base for the industry in Nigeria.
The energy storage executive also said the increasing dependence on solar power was creating greater demand for storage systems that could improve the reliability of renewable electricity.
She said Nigeria’s electricity challenges meant the country could not rely solely on the expansion of the national grid, creating opportunities for decentralised renewable energy and storage solutions.
She also advocated for stronger collaboration between the Nigerian government and international energy companies to create an environment capable of supporting long-term investment in the sector.