The federal government says it is seeking the partnership of stakeholders to develop innovative financing models, deploy cutting-edge technologies, and create pathways for local manufacturing and job creation in the renewable energy sector.
The Minister of Environment, Balarabe, Abbas Lawal, made this disclosure at the stakeholders engagement in renewable energy investment forum in Abuja.
He stated that renewable energy presents an avenue to not only mitigate the adverse effects of climate change but also to drive economic growth and job creation across Nigeria.
Lawal said the ministry is dedicated to increasing the renewable energy capacity to meet the targets under the Paris Agreement and contribute to global efforts to combat climate change.
“Policy framework including the Renewable Energy Master Plan and the National Renewable Energy Policy, lays the foundation for developing a robust renewable energy sector,” he said.
The minister emphasized that the Ministry has already developed a policy document Renewable Energy Master Plan in 2006 with the support of UNDP which outline Nigeria’s commitment to increasing renewable energy generation and establishing a conducive environment for investment and development in the sector.
“The policy primarily addresses Nigeria’s need for increased electricity supply, improved grid reliability and security, noting the role of renewable energy in achieving sustainable development,” Lawal said.
According to him, the Ministry through the implementation of its Federal Government appropriation has installed about 2,000 solar-powered streetlights and over 30 solar-powered boreholes in communities and cities across the six-geo-political zones of Nigeria.
He explained that the projects reduced the use of carbon intensive energy source to enhance greenhouse gas emission reduction and introduced clean energy source to power water supply enhancing lives and livelihoods, improved health and generate employment to the off-grid Communities.
The Ministry earlier this year launched its FEC – approved National Clean Cooking Policy which tends to improve public health by reducing health risks associated with traditional cooking practices, enable environmental sustainability through the use of clean cooking technologies and solutions by reducing deforestation, GHG emissions etc, and enhance energy access and affordability whilst encouraging gender equality and empowerment for economic development.
The minister however, states that achieving this goals is not solely the responsibility of the government. “It requires a collective effort from all stakeholders, including the private sector, civil society, academia, and international partners.
“We need investors, innovators, and advocates from the renewable energy community, to engage in constructive dialogue and explore avenues for collaboration,” he noted while urging stakeholders to seize the moment, share their ideas, and invest in the renewable energy future, the expertise, technology, and investment capacity needed to drive renewable energy projects.
The Ministry is focused on creating a favorable investment climate. Initiatives such as the Renewable Energy Investment Framework birthing the Network of Financial Institutions for Clean Energy Technology and Entrepreneurship (NFI-CETE) and incentives for green investments are designed to attract both domestic and foreign investments into the sector.
“We are also working to streamline regulatory processes and reduce bureaucratic hurdles to ensure that projects can advance swiftly and efficiently.”
Responding, the Permanent Secretary of the Ministry of Environment, Mahmud Adam Kambari, said the aim of the forum is to identify investment opportunities within Nigeria’s renewable energy landscape.
The ministry will explore innovative financing mechanisms to support and expand renewable energy projects.
“Access to finance remains one of the most significant barriers to renewable energy adoption, and we must work together to create solutions that are practical and scalable.
Kambari explained that the Federal government will develop strategies to address barriers and shortfalls to renewable energy development in Nigeria. Overcoming these obstacles will enable us to unlock the full potential of our renewable energy resources.
“It provides a platform for building partnerships, an essential ingredient for sustained growth in the renewable energy sector.
