Nigeria’s Renewable Energy Drive Receives Boost As Stakeholders Launch One Stop Investment Platform

Nigeria’s quest for the diversification of energy sources from fossil-based to Renewable Energy and Energy Efficiency Monday received a boost through the launch of a One Stop Investment Platform, OSIP.

The launch of the new online platform to attract investments into the nation’s Renewal Energy and Energy Efficiency sector had stakeholders such drawn from the Federal Ministry of Power, Rural Electrification Agency (REA), Nigerian Investment Promotion Commission (NIPC), the European Union (EU) and the German Government.

The launched platform is within the framework of the Nigerian Energy Support Programme (NESP), a technical assistance programme, co-founded by the EU and the German Government, and implemented by the Deutsche Gasellschaft für Internationale Zusammenarbeit (GIZ) in collaboration with the Federal Ministry of Power.

Speaking during her welcome address, the Executive Secretary of NIPC, Ms. Yewande Sadiku pledged the commitment of the commission to promoting investments in the renewal energy and energy efficiency sector in Nigeria.

“The platform will help potential investors to get easy access to the high quality information they need to make faster and better informed decisions about investing in Nigeria’s green economy. This will also ensure that Nigeria Sustainable Energy for All agenda also known as vision 30:30:30, which calls for installation of 30 Gigawatt by 2030 with a share of 30 percent renewables is met”, she said.

Speaking on behalf of the minister of Power, Engineer Faruk Yusuf Yabo expressed hope that the platform would help improve the technical and economic viability of the power sector for increased investments in renewable energy projects to promote power supply.

For the Managing Director of Rural Electrification Agency, Mr Ahmad Salihijo, the platform would help boost investments and enhance energy access for economic development.  He said REA will ensure that information required to go into the platform will be provided to ensure the realisation of off-grid power supply to communities that have not been served.

Earlier, the head of cooperation at the  EU Delegation to Nigeria and ECOWAS, Mr Kurt Cornelis noted that the platform would be of immense benefit to Nigerian economy. “We are glad to support the Nigerian government in providing interactive opportunities for investors to assess the viability of the projects in Nigeria through the provision of relevant project and contact information in the sector”, he said.

According to the head of Nigerian Energy Support Programme, NESP, Mr. Duke Benjamin, the One Stop Investment Platform has all investment opportunities investors need to know about Nigerian renewable energy and energy efficiency sector.

The digital platform built through the cooperation of public, private and financial sector partners, with technical, regulatory and economic information aimed at de-risking projects and scaling up investments in the sector is accessed by login into www.greenenergyinvestment.com.ng.

The initiative is also aimed at solving Nigeria’s perennial challenge of chronic shortage of electric power despite her rich gas and oil reserves and a corresponding export earnings. This is even worst as around 54 percent do not have access to grid-connected electricity, while in the rural areas, the figure jumps to 75 percent. 

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