Nigeria’s renewable energy investment potential hits $104bn

Climate-smart investment potential in Nigeria, particularly in the renewable energy sector, is worth over $104bn.

The United Kingdom High Commission said this at a conference in Abuja.

The Head of Climate Change and Energy West Africa, UK High Commission, Sean Melbourne, in an address at the Carbon Chamber Conference of the Abuja Chamber of Commerce and Industry, 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. (Punch)