LAGOS – Mr Chucks Ifeanyi, Managing Director, Chylus Energy Consulting Ltd, has urged the Federal Government to invest in renewable energy development by enacting a renewable energy law.
Ifeanyi, who made the appeal in an interview with newsmen in Lagos, said that Federal Government’s investment would provide the impetus for private sector participation in renewable energy.
He said that only increased government investment in renewable energy could help the country to effectively address its energy generation deficits.
According to him, Ghana formalised its renewable energy act and had benefited greatly from it, including the creation of about 500 jobs.
“The Act in Ghana has also generated close to 100 million dollars in tax,” he said.
Ifeanyi said with adequate funding and an effective regulatory framework in renewable energy, the Federal Government could raise the level of economic activities in the country.
“It is estimated that Ghana has saved about 5.5 million tonnes of carbon dioxide through the implementation of its renewable energy law.
“Nigeria can do much more if it focuses on using its solar, coal and other natural resources as alternative energy sources to generate electricity,” he said.
He also noted that interested investors in renewable energy in the country might not want to ‘‘multiply their interests, if the problem of a weak institutional framework and inadequate public funding persist”.
Ifeanyi added that a “high risk reduction in our domestic market’’ must also be addressed, for the country to gain optimum benefits in renewable energy.