Investment in alternative energy suitable for growth in Nigeria: expert

Source: Xinhua| 2018-11-28 00:16:07|Editor: Mu Xuequan
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ABUJA, Nov. 27 (Xinhua) -- Investing huge funds in alternative energy can be a major catalyst for Nigeria's industrialization and economic growth, a local expert said on Tuesday.

Yemi Kolawole, an expert on energy, told journalists in a group interview that apart from boosting the nation's power needs, alternative energy sources are most suitable for one of Africa's largest economies because they are also environmentally-friendly.

Noting the conventional energy sources had so far done little to meet the desired expectations of Nigerians, Kolawole said investing more funds in alternative energy was the panacea in addressing the country's energy needs.

"Solar energy sources have the capacity to bridge the energy demand of the country and accelerate our quest for industrialization," said the expert, who runs an energy firm in Nigeria's commercial hub and former capital, Lagos.

Nigeria's current power grid consists mainly of gas-fired power and hydropower.

The government said it is targeting 30 percent of its energy needs from renewables, in a bid to diversify its energy sources and optimize other assets for power production.

The government said it is committed to pursuing renewable and low-carbon energy at low cost to diversify energy sources from gas and provide some energy security.

So far, Nigeria has signed 14 solar power purchase agreements with the potential to deliver about 1,000 megawatts of solar power.

Kolawole, however, said by taking advantage of the wind in some parts of the country, the government could boost the country's power needs.

He said investing in some wind turbines in desert-prone states would greatly improve energy supply.

"Establishing this sort of energy sources in various parts of the country will lead to energy sufficiency, and economic growth will be greatly accelerated," he added.

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