Why Nigeria Needs To Give Priority To Renewable Energy

Post COVID-19: Why Nigeria Needs To Give Priority To Renewable Energy -Segun Adaju

Renewable Energy should receive top priority in Nigeria's Economic Sustainability Plan post COVID-19 and should be mainstreamed into the strategy for increasing domestic power supply.

The President of the Renewable Energy Association (REA), Mr. Segun Adaju, said this as a guest on WebTV's "Market Review"  program which explored the subject "Post COVID 19:Focus on Renewable Energy In Nigeria

Adaju singled out policy steps like waivers for the key players in the Renewable Energy market, that will encourage activities that could support the growth of power infrastructure in the country.

Adaju  said that during the COVID-19 period  renewable energy  like solar have been deployed to  power isolation centres effectively in the country. According to him  "This is the time for the deepening of renewable energy in urban Africa and the globe".

He added that the energy mix policy provides immense opportunities for the growth of the renewable energy market in the country, which is geared towards the generation of 30,000 Mega Watts of power by 2030, with 30% coming from renewable energy options.

Adaju agreed with the notion that there was need for the establishment of the Ministry of Renewable Energy, which will be focused on renewables as viable sources of power of generation and can be embedded into the power supply, especially for rural areas.

He also advocated for enabling policies to encourage local content in the industry, that could boost activities like the manufacturing of solar power panels.

The REA President also described the mini-grid policy, which major stakeholders in the Industry  formulated as a remarkable initiative, that has deepened the activities of the Rural Electrification Agency in the country.

According to him the mini-grid  policy concept in Nigeria was one of the best in the globe and cited Bayero University Kano (BUK) as an institution that has generated its own electricity in collaboration with the Rural Electrification Agency

In the area of financing he said his members would explore how to access financing for renewable energy with green bonds and other clean energy financing vehicles.

He believed Nigeria could learn from Mexico, India, Germany, and Rwanda amongst other countries in maximizing the potentials of renewables to transform the power generation and distribution value chain in Nigeria.

Adaju also supported the full liberalization of the process for licensing in the power sector, which should allow for the adoption of the "Energy Mix" in the value chain, to improve the power situation in Nigeria.

The International Energy Agency, IEA has called on governments especially in developing economies, to integrate the renewable energy industry in their economic stimulus measures.

SEGUN ADAJU is the CEO, Renewable Energy Association, a leading rooftop solar company in Nigeria that is driving a solar revolution with its finance and leasing schemes through the rent-to-own business model. A graduate of the University of Lagos with B.Sc Economics and MBA degrees, he has also attended executive programmes of leading institutions such as Harvard Business School, MIT/Sloan School of Management, Frankfurt School of Management, Renewables Academy Berlin, Lagos Business School and others.

Segun has provided extensive expert/consulting services to reputable organisations such as UNDP, Bank of Industry, World Bank, African Development Bank, Central Bank of Nigeria, USAID/Winrock International, DfID SolarNigeria Programme, Nigeria Infrastructure Advisory Facility, EU-Oxfam, Global Alliance for Clean Cookstoves, World Bank, GreenMaz Capital Advisory, Hienrich Boll Foundation, GIZ-Nigeria Energy Support Programme, Ecobank etc. Segun is also the Lead Consultant, BlueOcean Nigeria a consulting firm that provides expert services with core strengths in energy access, financial advisory and renewable energy. 

Prior to this, Segun had close to 2 decades of banking experience in Nigeria spanning retail, commercial and microfinance. He belongs to several professional associations including Institute of Directors, Academy for Entrepreneurial Studies, Alliance for Rural Electrification, African Renewable Energy Alliance, Power For All, Society for Corporate Governance, etc He is the President, Renewable Energy Association of Nigeria.

Mr Segun Adaju as the President of the REAN has been driving the advocacy for improving the conditions for investments and activities in the Renewable Energy Segment in Nigeria.