Operators say renewable energy investment will resolve supply-demand gap in electricity

Industry stakeholders in the power sector say investment in renewable energy is the next big step to resolving supply-demand gap of electricity in Nigeria.

They opine that in order to ensure that the power industry reaches its full potential and address the energy needs of citizens, government must ensure it create an enabling environment for investors to push funds into renewables.

Industry professionals who understand the power sector workings are of the opinions that as low-carbon technologies and green energy continue to become more commonplace, it is important that Nigeria businesses realign their investments to accommodate these modern trends.

Ayodele Oni, an energy expert observes that Renewable energy solutions in solar have increased markedly due to the falling cost of these technologies making them competitive. Similarly, with the low cost of gas more latterly compared to several years ago.

According to him, “Connecting renewable energy onto the grid is becoming more affordable as a result of the abundant natural resources such as abundant of sun in the Northern regions in Nigeria”

To them, while Nigeria has typically lagged behind developed markets in the uptake of renewable energy, with the right political and economic policy support from government, this will become a feature of the past as appetite for renewable energy increases.

Successive governments in Nigeria had endured challenges with providing Nigerians with electricity as millions of people in rural areas across the country remains without power.

Analysts argue that another alternative investment that can shape the power sector positively is the decentralisation of renewable energy arguing that if the Federal government embraced the shift and invest in the space, it will yield good returns.

According to them “Distributed generation has the ability to bring more citizens into the energy fold through the building of smaller power stations at specific load centres, rather than building bigger, centralised stations that need to transmit power long distance”.

To them, “The introduction of multiple, smaller grids can substantially assist in transmitting power to where it is needed, bringing down the number of people without electricity”

KELECHI EWUZIE