Home GLOBAL NEWS FG must activate renewable energy policies to spur investment

FG must activate renewable energy policies to spur investment

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The Climatescope Africa Coordinator, Bloomberg New Energy Finance (BNEF), Mr. Nico Tyabji, said that there is now a big opportunity for Nigeria to embrace the clean energy revolution, while emphasizing the need for more investments in energy infrastructure to boost the socio-economic development in Nigeria.

Tyabji said in a way to attract more private sector involvement into the renewable energy sector feed-in tariffs are important as it will guarantee the  price that solar, wind and other projects will be paid for the power they produce.

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He said though Nigeria has had one for a little while but it’s not active because it was seen as highly risky. He noted that the regulator (NERC) last November, approved new regulations, and if they get it right there will be a lot of interest from the private sector.

He also added that Nigeria has had very little investment in clean energy so far, but finished 4th for Africa on the Climatescope list, because it actually has some good conditions in place to attract investment into clean energy.

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Tyabji noted that apart from the feed-in tariff, Nigeria has a range of policies  from renewable energy targets to soft loans to a biofuels blending mandate to encourage the development of renewable energy but the major problem is that many of them are not in operation.

He further said that government has a job to do to clarify to the private sector exactly how these things work and whether they’re in force yet, because at the moment there’s a lot of confusion.

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