It has been revealed that the Federal Government needs an investment of at least $16bn (N2.53tn) from the private sector to address the myriad of problems in the energy sector. This was revealed by the Project Manager, Bank of Industry/United Nations Development Programme, Mr. Femi Adaju, in Abuja at the second edition of the renewable energy investment forum.
According to him, the project would involve a combination of business chains where many people would be gainfully employed. For instance, he said by 2022, about two million jobless Nigerians would be employed through the introduction of renewable energy to complement regular electricity supply.
His words: “Nigerians spend about $11bn on energy generation through the usage of generators, which involve the usage of fuel. And all what we need for the sustainable energy in the country is $16bn… That is why we are calling on Nigerians to harness these resources for the full operation of renewable energy.
“Renewable energy industry is rapidly growing beyond all projections by the industry experts. For instance, according to Renewable Energy Global Status report, 2012, by the end of 2011, total renewable power capacity worldwide exceeded 1,360 Giga Watt, up to by eight per cent over what it was in 2010.”