Experts seek right policies on renewable energy devt

The General Manager of FrazEnergy Ltd (A subsidiary of Oilserv Group), Mr. Osi Okonkwo, has called for more investment in the development of renewable energy resources. According to him, specific policies and strategies were required to drive the development of the renewable energy sub-sector and significantly contribute to economic diversification in Nigeria and other African […]

The General Manager of FrazEnergy Ltd (A subsidiary of Oilserv Group), Mr. Osi Okonkwo, has called for more investment in the development of renewable energy resources.

According to him, specific policies and strategies were required to drive the development of the renewable energy sub-sector and significantly contribute to economic diversification in Nigeria and other African countries.

He stated this in his presentation at a Panel Discussion on ‘Driving Economic Transformation in Global Africa: The Role of Emerging AfriCaribbean Giants’, at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, Bahamas.

He stated that Nigeria’s energy transition programme anchored on renewable energy can make Africa into a more financially prosperous region with millions of jobs created.

“There is a need to delve into the actual production of solar panels, inverters and batteries, on the continent. There is so much more that can be done. But, to do this, when you talk about strategy, a few things need to be done,” he said.

He stated that Nigeria can take a cue from China which just launched a five Giga watts solar farm, adding, “So, when you think about the Chinese story, and trying to use that as a template, there are a few things we have to do.

“There is a need to lean into the transition fuels, gas first and foremost, then facility, use that as a transition fuel, for a cleaner future.”

On the issue of policy, Okonkwo stated that this should be hinged on allowing for meritocracy of access to resources, funding, among others.

Former President of Afreximbank, Mr Jean Louis-Ekra, stated that it was necessary to change the structures of the economies from an exporting base, while calling for basic infrastructures to be put in place.

“And, you cannot do much transformation without power. We need to take advantage of Afcfta, the issues of moving money among others. Once we have dealt with some of the basics, then we can move forward and very quickly, to exporting among ourselves and take advantage of opportunities in the Caribbean.”