Panellists at the Nigerian-British Chamber of Commerce (NBCC) Energy Group event noted that renewable energy has vast potential in Nigeria because energy access is still at the lowest rung of the ladder. The event held at the NBCC Plaza, Lekki, Lagos, on Thursday, August 24, 2023, was themed, “Renewable Energy: Innovation, Transition, Opportunities and Challenges”.
Renewable energy experts who spoke at the event include Ms. Caroline Eboumbou, Managing Director of All-On, represented by Mr Sele Inegbedion; Raymond Akintayo, CEO of Cabota Group represented by Wale Elegbede; Folake Soetan, Managing Director of Ikeja Electric; while Rolake Akinkugbe-Filani, Chief Commercial Officer of Mixta Africa moderated the session.
The speakers discussed the potential of renewable energy in Nigeria, the challenges to its adoption, and the opportunities it presents. They also highlighted the need for government support for the renewable energy sector so that players in the sector will no longer be accessing double-digit loans from commercial banks but simplify the process of accessing funds from the Central Bank of Nigeria.
One of the panellists, Mrs Folake Soetan, said that Nigeria has a vast potential for renewable energy, with an estimated 6.5 terawatt hours of solar energy available per year. Although the initial cost of renewable energy is still high, it becomes negligible with time.
“Ikeja Electric is committed to using renewable energy to reduce its carbon footprint. She said that the company is working on several projects to solarize its operations,” she added.
While sharing his views, the Chief Operating Officer of Cabota Group, Wale Elegbede said, “Renewable Energy is vast and has the potential to provide energy security and preserve our environment. Solar, wind, as well as tidal energy are all renewable sources of energy that can help us reduce our reliance on fossil fuels.”
“Gas energy is a clean and efficient fuel that can help Nigeria achieve its industrialization goals. Gas-fired power plants produce zero emissions, which can help to improve air quality. The government should invest in gas infrastructure and support companies in the renewable energy sector,” he added.
In his speech, Mr Sele Inegbedion of All-On said, “Our thrust at All-On is to close the energy gap in Nigeria and reduce our reliance on fossil fuels. Equally, we are committed to educating Nigerians about the benefits of renewable energy so that more people can switch to solar, and we are creating products that will make it easy for people to adopt renewable energy.”
The event was well-attended by members of the NBCC and corporate Nigeria.
