Renewable Energy: A Roadmap For Sustainable Economic Growth In Nigeria

Power problem has remained a perennial challenge in Nigeria. Apart from stifling the country’s industrial growth, it also limits commercial ventures’ expansion and profitability and the well-being of its people. The problem has manifested through unstable supply and lack of access to the grid. The latter necessitated the establishment of the Rural Electrification Agency in 2005, and was tasked with the electrification of rural and unserved communities.

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According to a Progress Report by Tracking SDG 7, Nigeria has the lowest access to electricity globally, with about 92 million of the country’s over 200 million population lacking access to power.

The report, produced in conjunction with the International Energy Agency, International Renewable Energy Agency, United Nations Statistics Division, the World Bank and the World Health Organisation, hinted that Nigeria was followed by the Democratic Republic of Congo’s 72 million, Ethiopia’s 56 million and Pakistan’s 54 million access deficits.

The report revealed further that access to electricity in Nigeria remained poor because electrification advances failed to keep pace with population growth. This, it said, was in contrast with Kenya and Uganda’s fastest progress in electrification due to their annualised increases of more than three per cent points between 2010 and 2020.

Access to clean modern energy services remains an enormous challenge facing the African continent because energy is fundamental for socioeconomic development and poverty eradication.

The Federal Republic of Nigeria is the most populous country and the largest economy in Africa. It is home to one of the fastest-growing populations globally, which has led to a rapidly increasing demand for energy that will be key to unlocking further economic development. This presents a substantial opportunity to develop the country’s rich natural renewable energy resources and unlock low-carbon growth.

Renewable energy can help Nigeria not only meet its energy needs but also power sustainable economic growth and create jobs while achieving global climate and sustainable development objectives. The actions needed to realise this future are multifaceted and include policy, regulatory, and financial actions to place Nigeria on the path to a transformative future.

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