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Renewable Energy Can Spur Economic Growth In Nigeria – Osinbajo

The Acting President, Professor Yemi Osinbajo has urged the private sector to invest in ‘on grid and off grid’ renewable energy solutions. Professor Osinbajo made … Continue reading Renewable Energy Can Spur Economic Growth In Nigeria – Osinbajo


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Renewable Energy Can Spur Growth In Nigerian Economy - OsinbajoThe Acting President, Professor Yemi Osinbajo has urged the private sector to invest in ‘on grid and off grid’ renewable energy solutions.

Professor Osinbajo made the call even as he said government was concluding plans to expand the solar home system programme to one million households.

Speaking at roundtable on renewable energy at the Presidential Villa, he noted that partnering with the private sector would help provide solar energy to 20,000 additional households for the first phase of the programme.

“We’ll also continue to implement critical elements of our policy that will promote private sector investment in renewable energy such as one; Power Production Tax credits (PTCs) to electricity generation companies which is aimed at incentivising the adoption of renewable energy. Then we have the Feed In Tariffs (FIT) which typically incentivizes the electricity producers by offering more favourable pricing for electricity produced through renewables,” he said.

The Acting President also stressed the need to explore the options to transform the competition for markets approach in order to address the challenges in the power sector.

“It’s also important for us as we go forward that we break the deadlock of the electricity market structures by exploring the options to transform ‘the competition for markets approach’. We need a framework that brings together all stakeholders towards ensuring that renewable energy becomes a real engine of growth for the Nigerian economy,” he added.

Professor Osinbajo further announced that the government has concluded the first tranche of the N701bn Payment Assurance System approved by the Federal Executive Council in March to break the gridlock in the electricity value chain.