Energy

Nigeria’s renewable energy investment potential hit $104bn – UK

Climate-smart investment potential in Nigeria, particularly in the renewable energy sector, is worth over $104bn, the United Kingdom High Commission has said.

In his address at the Carbon Chamber Conference of the Abuja Chamber of Commerce and Industry, the Head of Climate Change and Energy West Africa, UK High Commission, Sean Melbourne, said the gradual shift to a low carbon economy would transform many sectors.

He said, “There’s a crucial opportunity to act now to achieve low carbon resilient growth and avoid carbon lock-in. According to the International Finance Corporation, Nigeria’s estimated climate-smart investment potential is over $104bn through to 2030 in selected sectors.

“The most obvious opportunity is perhaps in the renewables sphere but there are many others too. Access to energy is key to promoting inclusive economic development, poverty alleviation, social equity, and advances in health and education.”

Melbourne noted that off-grid renewables offered the most cost- effective solution to taking energy to people who were not yet connected to the grid.

“As such, these technologies can contribute significantly to building climate resilience in poor rural and urban areas,” he stated.

He explained that the global shift to a low-carbon economy would transform many sectors, including power, transport, construction and agriculture.

“And as the biggest economy in Africa and by far its most populous, the low carbon market opportunities in Nigeria are significant. Nigeria’s economy is expected to undergo massive change over the next two decades,” Melbourne stated.

On his part, the Executive Director, National Chamber Policy Centre, ACCI, Olawale Rasheed, observed that the role of business in the fight against climate change was universally acknowledged.

He said, “Today, almost all global companies have adopted climate change commitment. The global chamber movement under the International Chamber of Commerce had subsequently made the declaration binding on all its members.”

He explained that the Chamber Carbon Project of the ACCI and its partners would include advocacy, by engaging members of the chambers on the urgency of carbon emission reduction.

“We will be involved in carbon auditing, which is to help companies and businesses assess their carbon footprint through carbon auditing,” Rasheed stated.

He added, “Training and this is to build capacity of businesses on carbon reduction practices and strategies. Also, it involves marketing green energy to match-make green energy providers with business operators.”

The ACCI director noted that to achieve the above targets, an implementation plan had been developed, which would be shared with partners for their contributions and further partnership.

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