‘Nigeria Must Address Inflation, FX Challenges to Drive Renewable Energy’

‘Nigeria Must Address Inflation, FX Challenges to Drive Renewable Energy’
Renewable Energy

 

Nigeria’s target of upscaling renewable energy adoption to address the huge electricity deficit and mitigate climate challenges may become realistic if the country tackles growing inflation and foreign exchange disparities. Disclosing this on the sidelines of an energy conference in Abuja recently, Bee Bee Jump Int’l Limited, which has been deploying Solar Home Systems to rural areas with support from the Rural Electrification Agency, noted that Nigeria also needs to walk the talk in its robust energy policy.

Chief Sales Officer, Timmy Shi noted the company is already deploying renewable energy in Ondo, with plans to offer affordable off-grid solutions across the country.

Although Nigeria privatized its electricity sector about eight years ago, projected objectives of the exercise remained elusive forcing most people to rely on off-grid solutions as the national grid collapses frequently.

Shi noted that the company would work with Nigeria through the Rural Electrification Agency to ensure that the country achieves projections objectives of universal electrification.

“We want to support more individuals to have access to electricity. Knowing the difficulties with finance, we provide flexible payment options to customers so that more people can light up their homes and businesses.

“We are also supporting the medium and small scale businesses because with that they can improve their business, add to the economy and buy more products,” Shi said.

She noted that while the federal government is on track with energy policies, there was a need for enforcement that would ensure transparency and ensure realization of the objectives of the policies.

Shi stated that inflation challenges remained a key challenge to address to enable expansion of renewable energy.

She equally decried the disparities in the exchange rate, stressing that the gap between the black market and the official remained a key disincentive for business.

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