November 01, 2011
FOR IMMEDIATE RELEASE: Bridging the Nigeria Energy Divide with Alternative Energy Option
Abuja- Nigeria — The First Nigeria Alternative Energy Expo was well attended by companies from 16 Countries including US, UK, China, India, Iran, South Africa, Denmark, Australia, Germany, Lebanon, Kenya, and Uganda. NAEE 2011 featured World Leading manufacturers like Schneider Electric, Simba Group, D.light, Lighting Africa, Suntech, Pax South Africa, Dasol, Solarlec, Greenage Africa and Stakeholders including the World Bank, Energy Commission of Nigeria, IFC, Ministry of Environment, National Electric Regulatory Commission, African Development Bank, PHCN, Council of Renewable Energy of Nigeria, Academia and Researchers from Universities met in Abuja to discuss the way forward on increasing power supply in Nigeria.
Nigeria Alternative Energy Expo is key milestone to the Goodluck Jonathan’s Administration roadmap for Power in response to the call by the government and private sector on the need to look for alternative source of power to tackle the energy problems at the grassroots. The aim of the Expo is to create a platform to showcase sustainable, safe, affordable and alternative modern off-grid power sources to the country. Nigeria is one of the nine countries that Exim Bank has identified as offering US companies good opportunities for sales and it is on this basis that analysts have welcomed the initiative as a no strings attached, low interest financing option to the benefit of Nigerian power sector. It is indeed a fine high point for the power sector in line with President Goodluck’s Roadmap for powers Mr. Chris Edeh, Business Development Director EMEA of Mathesis Consulting said in Abuja. The next expo will take place on the 17th to 19 of September 2012.
The NAEE 2011 showcased new products and technologies that would improve lives by extending the working hours of small businesses and also give children a chance to study longer in the evening in a safe and smoke-free environment as well as reduce in-door air pollution. Stakeholders argued that would make the Power Holding Company of Nigeria (PHCN) effective and make its management to be on their toes. Nigerian minister of power Barth Nnaji says there has been a significant increase in power generation and supply in the country, and predicts that Nigerians can expect much more in the near future.
The minister assured that every effort was being made to grow power in the country to take care of the nation’s industrial and domestic consumption. Prof Nnaji, who was optimistic about the nation’s energy needs, had this to say, “Let me say that we are growing power and will continue to do so. By 2015 we will double our power generation. Nnaji stated that Nigeria will need a considerable $3.5 billion annual investment to generate, transmit and distribute in order to stablise at 40, 000 megawatts by the year 2020, Following the signing of agreement with the America government, which would allow the country’s Independent Power Producers (IPPs) access to about $1.5 billion concessionary loan for the acquisition of equipment and services, in his remarks at the MoU signing ceremony, Prof Nnaji said the latest move was a step towards a positive direction in closing the funding gap in the power sector.
He also spoke on government’s initiatives to expand investments that would increase the quantum of power available to Nigerians within three years, as well as the incentives to encourage private, foreign and local investors to achieve the target.
In his words, the President of the US Export Import Bank (US Exim Bank), Mr. Fred Hochberg: “$1.5 billion is just a start. We want to deploy this financing as quickly as possible to help meet President Goodluck Jonathan’s goals by greatly expanding the availability of power in the country. “The bank’s board of directors will certainly consider additional financing if needed and we are also interested in financing US exports in support of Nigeria’s other infrastructural needs, which we understand may total over $220 billion between 2012 and 2016.”
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