• About
  • Become a Climate Reporter
  • Send Us Your Report
  • Submit A News
  • Support Us
  • Privacy Policy
  • Contact Us
Thursday, August 7, 2025
NEWSLETTER
Africa Climate Reports
No Result
View All Result
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
Africa Climate Reports
  • HOME
  • CLIMATE CHANGE
  • SUSTAINABLE DEVELOPMENT
  • FOOD
  • FOREST
  • ENERGY
  • WASH
  • LAND
  • OTHERS
    • FINANCE
    • HEALTH
    • OCEANS
    • TOP STORIES
    • MOST POPULAR
    • COLUMNISTS
    • INTERVIEWS
    • OPINIONS
    • PHOTOS
    • VIDEOS
No Result
View All Result
Africa Climate Reports
No Result
View All Result

Power Market in Nigeria draw Attention to Renewables Under-investment

by Jiata Ekele
October 28, 2021
in ENERGY, TOP STORIES
0
Home ENERGY
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter
Power Market in Nigeria draw Attention to Renewables Under-investment – Image: Pixabay

At the recent Sustainable Use of Natural Resources and Energy Finance (SUNREF) Nigeria Programme investor conference, key power stakeholders called for investment into the renewables space in Nigeria to be prioritised.

They stated that despite the economic benefits of renewable energy on the economy and environment, the sector is yet to receive the financial support it deserves.

The team lead for SUNREF Nigeria, Javier Betancourt, explained that the renewable sector has so far remained forgotten by financiers but becoming a more important subject matter, saying that this is why banks are becoming more involved in the sector.

“The $70 million fund made available by Agence Francaise de Developpement (AFD) is largely not enough but a good start. What Nigeria needs is in the billions because over 80 million people in Nigeria are completely unelectrified while the remaining 100 million are somewhat electrified.

RelatedPosts

UN Climate Change calls for urgent action to scale up climate finance at African Ministerial Dialogue

How data science for nutrition recommendations can boost food productivity in West Africa – Experts

“The investment needed is enormous. $70 million does not even begin to cover it, but it does help start things,” he said.

Meanwhile, the Minister of Industry, Trade and Investment, Niyi Adebayo, stated that the federal government is planning to increase the current capacity of 5GW to 30GW in the next nine years with 30% of the increase coming from renewables.

This Day reported that the Minister who was represented by the Deputy Director, Industrial Development, John Opaluwa, assured that the ministry is consistently making efforts to attract investors into the country in order to boost industrial activities and achieve economic growth.

“We will bring renewable energy efficiency innovators face to face to would-be investors and financiers into the sector. We are encouraging organisations and companies to adopt and invest in technological innovations in order to meet global best practices,” he said

Betancourt added that access to finance to fund renewable energy projects require long term financing that is not readily available in the country.

“This fund we are bringing in will be longer terms with a minimum of five years and these are concessional lending rates which would help to finance these projects.

“It is difficult to give an exact approximation on the amount needed by the renewable sector to bridge the nation’s energy needs, but just because Nigeria needs another 14GW of energy, the investment required would be about $10 billion in total. It is a drop in the ocean, but it is an important drop because it will help move this sector to get the appropriate finance,” he added.

He noted that the event was to bring some investors, manufacturers and captains of industry to have a conversation to address issues in the renewable energy sector as regards financing and policies.

Also speaking, the Team Member, Project and Structured Finance, Sub Sahara Africa, Access Bank, Chukwudumije Igwe, said the SUNREF would sponsor projects that are innovative, meet technical eligibility, energy-efficient and renewable.

Tags: AFDenergy accessinvestmentNigeriaRenewable Energy
ShareTweetSendShare
Jiata Ekele

Jiata Ekele

Jiata Ekele is a Staff Writer at the Africa Climate Reports (ACR).

Related Posts

UN Climate Change calls for urgent action to scale up climate finance at African Ministerial Dialogue
CLIMATE CHANGE

UN Climate Change calls for urgent action to scale up climate finance at African Ministerial Dialogue

August 6, 2025

By Kofi Adu Domfeh UN Climate Change director, Cecilia Kinuthia-Njenga, has reiterated the urgency of scaling up climate finance to...

How data science for nutrition recommendations can boost food productivity in West Africa – Experts
FOOD

How data science for nutrition recommendations can boost food productivity in West Africa – Experts

August 4, 2025

by Ken KOUTCHAKPO The International Institute of Tropical Agriculture (IITA) is deploying advanced data and AI-driven modelling to boost soil nutrient management,...

Next Post
Armed with Climate Solutions, Indigenous Leaders to Take Center Stage at COP26

Armed with Climate Solutions, Indigenous Leaders to Take Center Stage at COP26

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

UN Climate Change calls for urgent action to scale up climate finance at African Ministerial Dialogue

UN Climate Change calls for urgent action to scale up climate finance at African Ministerial Dialogue

2 days ago
How data science for nutrition recommendations can boost food productivity in West Africa – Experts

How data science for nutrition recommendations can boost food productivity in West Africa – Experts

3 days ago
Rice Revolution: Nigeria deepens partnership with AfricaRice

Rice Revolution: Nigeria deepens partnership with AfricaRice

2 weeks ago
Africa can go 100% renewable, so what’s stopping it?

Africa can go 100% renewable, so what’s stopping it?

4 weeks ago

Bénin : Les fleuves et rivières sous la menace du changement climatique

1 month ago
Bénin : Têgon face au défi de la préservation de la biodiversité

Bénin : Têgon face au défi de la préservation de la biodiversité

1 month ago

Popular News

    Social Media

    ABOUT US

    Africa Climate Reports is Africa’s first and largest bilingual journal dedicated to opening new vistas in the coverage and reportage of climate change and the region’s environment. With a multi-lingual team of talented reporters from across the continent, we tell the African climate story in a refreshingly lucid, communally engaging and technically robust manner.

    SITE LINK

    • About
    • Advertise
    • Careers

    OTHER LINKS

    • About
    • Become a Climate Reporter
    • Send Us Your Report
    • Submit A News
    • Support Us
    • Privacy Policy
    • Contact Us

    NEWSLETTER

    Be the first to get notified when we have something new to share. Get Africa Climate Reports newsletter directly into your email.
    we promise not to spam you!
    • About
    • Advertise
    • Careers

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy

    No Result
    View All Result
    • HOME
    • CLIMATE CHANGE
    • SUSTAINABLE DEVELOPMENT
    • FOOD
    • FOREST
    • ENERGY
    • WASH
    • LAND
    • OTHERS
      • FINANCE
      • HEALTH
      • OCEANS
      • TOP STORIES
      • MOST POPULAR
      • COLUMNISTS
      • INTERVIEWS
      • OPINIONS
      • PHOTOS
      • VIDEOS

    © 2024 All Rights Reserved- Africa Climate Report - Designed by Prexy