HomeTechnology PoliciesHow to Build a Strong Economy in Nigeria Using Renewable Energy Innovations How to Build a Strong Economy in Nigeria Using Renewable Energy There are great signs that a new world energy economy is emerging and Nigeria must quickly align with a thoroughbred renewable energy transition. Many economies contracted during Covid-19 era and the post Covid-19 have seen a remarkable surge in renewable energy. Demand for Solar PV has increased at an astounding rate in the past decade. Sales of EV electric vehicles is unprecedented and it is increasing in the market share globally. A new energy economy is in full swing and countries are adapting their economies to the new normal. Nigeria energy crisis is underpin to bad government’s policy in the energy sector. According to the WorldBank reports on access to electricity on Nigeria based on SDG, 54.4% of Nigerian households have access to electricity. The poverty rate is 43% of the population, access to electricity can go a long way into alleviating poverty in the country. The power generation capacity at peak rate is 5,300MW and the demand of 20,000 MW is required because of the population. Epileptic power supply has really affected the GDP and the economic growth. It is estimated that about $26.2Billion is lost annually due to this torrential anomaly. The way forward is for the government to take advantage of the abundance mineral resources in Nigeria, Solar, Wind, water, and biology related resources. The Nigerian government had the Renewable Energy Master Plan (REMP) in 2006, and the implementation of the plan has been an hard nut to crack. Demand for renewable energy increased by more than 8% for electricity in 2021. China accounted for half of the demand and investment in renewable energy also increased globally. According to IEA report on global energy review for renewable energy for 2021, the report assert that increase in electricity generation from renewable energy sources shall increase by 30% in 2021. Nigeria needs a policy shift and an implementation attention to renewable energy. Renewable energy also has strong capacity to create million of jobs and bring several benefits to the economy. According to IRENA reports on Renewable Energy and Job Creation globally, 11.5million jobs were created in 2020 and China had over 3million jobs created. Solar PV industry created 3.8million jobs globally. Recently the African Development Bank(AfDB) and Export-Import Bank of Korea committed $600Million to renewable energy in Africa. It is obvious that fossil fuel dependent projects are highly mechanized and have strong environmental hazards. Many investors are channeling their investments into renewable energy in Africa. The WorldBank recently announced a new $465Million in West-Africa and also the International Finance Corporation (IFC) in conjunction with Rockefeller Foundation (RF) formed a new partnership by mobilizing $2Billion private sector investment into renewable energy in Africa. Nigeria needs a coordinated renewable energy plan that has all renewable energy sources like Solar PV, Wind Power, Hydro Power, Wind Power, Bioenergy Power Generation, and Biomass. Nigeria needs a renewable energy policy driven by private sector to revitalize the economy. The rural areas would benefit mostly because it has the abundance in mineral resources, and required renewable energy components. Having a renewable energy industrial plan is the right way because it caters for the present and the future. Employment generation and building a sustainable development would be the demand of 21st century and renewable energy generation could help any forward thinking government achieve this vision. Support PisonTechAfrica.com For inspiring tech content and articles, PisonTechAfrica.com is the platform to go. Great content takes a lot of resources; we are poised to motivate young start-ups and give them leverage with our platform. It is a platform for inspiring tech entrepreneurs to display their talents. Africa is the next big thing for technology. PisonTechAfrica.com is the tech media platform committed to positioning Africa in the Fourth Industrial Revolution. Donate Oluwagbenga Oyebanji Share This Previous ArticleKippa Secures $3.2Million Pre-Seed Funding to Provide Solutions for SMEs Financial Management Challenges Next ArticleTreepz is Building a Continental Brand by the Acquisition of Stabus and Ugabus November 19, 2021
