Renewable Energy Forum Tasks Govts On Local Energy Investments

Nigeria’s minimal share in global renewable energy investment was subject of discussion at a forum recently, where stakeholders urging the government to rise up to the challenge.

Participants at the Nigerian Renewable Energy Innovation Forum (NREIF) 2025, agreed that the problem was a Pan-African one, and advocated for stronger local solutions to bridge the identified gap.

Providing a background during a panel session, the forum’s panel moderator, Rumundaka Wonodi, revealed that that though global renewable energy sector attracted $2.1 trillion in investment in 2024,, but Africa secured only $40 billion.

This he said, was just 2 per cent of the total, demonstrating the low level of investment in that kind of power in the region.

“Our forum is charting the course and prioritising actions for the government”, Wonodi said, while urging coordinated action among stakeholders.

READ ALSO: Union Bank, UGEAP Partner To Drive Renewable Energy Market In Nigeria

The chief technical adviser to the Minister of Power, Adebayo Owoloniyi, while warning against overreliance on importation in the renewable energy sector, said this would undermine Nigeria’s industrialisation efforts and also hamper job creation.

Government subsidies, he advised, should also be channeled into industrialization in the interest of the citizenry.

Also speaking, the managing director of Infrastructure Corporation of Nigeria (InfraCorp), Dr Lazarus Angbazo, advocated for sustainable investments across in the sector, to enable achievement of set targets.