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FG calls for investment in renewable energy

By BusinessNews Staff on April 18, 2014

The Federal Government has called on foreign investors to take advantage of the abundant renewable energy resources in Nigeria by investing in it for power generation.

Aside investing in renewable energy, the government also stressed the available investment opportunities in the transmission segment of Nigeria’s power sector.

The Minister of State for Power, Mr. Mohammed Wakil, made the call while addressing a group of foreign investors at a workshop in Paris, France recently.

Wakil, in a statement from the Ministry of Power on Wednesday, told the investors that the Federal Government was presently finalising a comprehensive policy on renewable energy for power generation.

The event, the statement noted, was the workshop on Africa Energy Outlook organised by the International Energy Agency and had delegates and ministers of energy from 15 countries from Europe and Africa attending.

Wakil said, “Let me use this opportunity to brief you all on the potential in renewable energy for power generation in Nigeria. We have vast resources yet to be tapped in the field of renewable energy for power generation. This includes wind, solar, hydro, among others. Investment returns are guaranteed and the investment climate is very positive.

“Our government is at the stage of finalising a national policy on renewable energy for power generation. This will cover framework and procedures for investment by public and private bodies. It will give details of rights and responsibilities as well as vision of the national government in this sector.”

The minister explained that the policy was also designed to create a safe environment and a level playing field for investors.

According to Wakil, Nigeria is already receiving many enquiries on investment opportunities from many parts of the globe, adding that “no investor has ever regretted investing in Nigeria.”

[Punch]

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