Key Points
- REAN says Nigeria’s expanding renewable energy market can accommodate more developers and investors.
- Ademilua links the sector’s growth to opportunities created by the Electricity Act 2023.
- He urges industry players to specialise, collaborate and target different segments of the market.
Main Story
The Renewable Energy Association of Nigeria (REAN) says the country’s expanding renewable energy market has enough opportunities for developers, investors and other participants across the value chain.
The association’s President, Mr Ayo Ademilua, made the assessment in an interview with the News Agency of Nigeria (NAN) in Lagos on Saturday.
Ademilua spoke on the sidelines of the fifth International Investment and Partnership Conference of the Renewable Energy and Energy Efficiency Associations Alliance in Lagos.
He urged industry participants to focus on expanding the market rather than treating the sector’s growth as a basis for unhealthy competition.
According to him, the renewable energy industry is expanding rapidly, creating room for businesses with different areas of expertise.
He attributed part of the sector’s development to the Electricity Act 2023, which he said had opened up opportunities in electricity generation and transmission and given states greater authority over their electricity markets.
Ademilua said the changes had widened the opportunities available to renewable energy developers and other private-sector participants.
He encouraged businesses to identify specific areas where they could add value and build operations around those segments rather than competing for the same opportunities.
The REAN president said Nigeria’s 36 states and large population provided a substantial market for renewable energy investment and expansion.
He added that continued participation by private-sector companies would help increase access to clean and affordable energy while supporting the country’s transition towards renewable energy.
The Issues
Nigeria’s renewable energy market is expanding as the country seeks to increase electricity access and diversify its energy sources.
The Electricity Act 2023 has also created a broader framework for private-sector participation and greater state involvement in electricity markets, increasing the potential market for renewable energy businesses.
What’s Being Said
“The industry in Nigeria is growing at a fast pace, and the opportunities are there for everybody,” — Ayo Ademilua
“This devolution of power enables the states to do whatever they want to do to benefit their people and provide affordable access to clean energy,” — Ayo Ademilua
“There are so many corners that we can hone, sit in, trade and operate. We do not need to compete anymore,” — Ayo Ademilua
“For me, it is a big market and the potentials are there now,” — Ayo Ademilua
What’s Next
Ademilua urged renewable energy associations and industry participants to collaborate, specialise in different market segments and take advantage of the opportunities created by the sector’s expansion.
Bottom Line
REAN says Nigeria’s growing renewable energy market can support more private-sector participants, with collaboration and specialisation needed to expand clean energy access and investment.
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