UN, BOi to partner to resolve energy issues in Nigeria

The managing director of Bank of Industry [BOI], Mrs evelyn Oputu has described renewable energy as the key to resolve the power crisis in the country.

Mrs Oputu said that renewable energy is the effective option for energy considering the huge sums of money invested in the power sector.

she said regular power supply will boost small and medium enterprises which drives the economy.
Mrs. evelyn Oputu said that investors were not considering renewable energy sector as a veritable area they could tap into because of various misconceptions and lack of proper understanding of the sector.

“Potential investment in renewable energy system in Nigeria is characterized by perceived or real technical/operational risks, institutional barriers risks and market/financial risks and unattractive climate; this has hindered investment flows into renewable energy services from the private and financial sector.”

Apart from helping environmental sustainability, improving the regulatory institutional and financing framework to promote renewable energy option would help to boost MsMe operations.

Oputu maintained that it would continue to increase the national capacity to invest in-and utilize renewable energy resources to improve access to modern energy serving for MsMes and households. Bank of Industry and united Nations Development Programme [uNDP] are to spend $4.8 million to finance renewable energy project in Nigeria.

Through the deal, uNDP would help Nigeria divest its energy source base with renewable energy programme to increase in public energy supply, especially to boost the activities in the Micro, small and Medium enterprises MsMes sector.

Also speaking at the united Nation Development launch partnership
and signing of project documents on renewable energy in Nigeria, with the theme, ‘Access to renewable energy project’ stating that the uNDP is helping Nigeria divest its energy source base’, Mr. Daouda Toure, the uNDP representative said, “The project will start with a

takeoff capital of $4.655million, uNDP is expected to provide $2 million initial capital. BOI as the agency that will implement the project is expected to house the project management unit.

Author: nmmin

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