By Faridat Salifu
At the 2024 Renewable Energy Association of Nigeria (REAN) Conference in Lagos, industry leaders underscored the need for tailored funding models, policy incentives, and inclusive planning to drive Nigeria’s renewable energy transition.
With the theme “Unlocking Affordable Energy for All,” the conference highlighted the crucial role of accessible financing and collaborative policy frameworks in bridging Nigeria’s energy gap, particularly for underserved communities and small businesses.
REAN President, Mr. Ayo Ademilua, called for increased investments that target small and medium-sized enterprises (SMEs) and under-resourced areas, emphasizing that accessible funding remains a significant barrier.
“Renewable energy in Nigeria holds immense potential. To fully harness this, we need innovative financing models and stronger policy support,” Ademilua said. He suggested tax incentives, import duty exemptions, and public-private partnerships as strategic tools for encouraging renewable growth.
In his remarks, Ademilua advocated for a ‘Renewable Energy Fund’ to provide low-interest loans and grants for off-grid projects in rural areas, where conventional infrastructure is limited.
He proposed financing mechanisms, including concessional loans, subsidies, and Pay-As-You-Go (PAYG) models, to make clean energy more affordable for small businesses and lower-income households. “With the right investments, renewable energy can spur economic growth, create jobs, and help Nigeria meet its climate targets,” he noted.
The Lagos State government echoed these priorities, with the Commissioner for Energy and Mineral Resources, Mr. Abiodun Ogunleye, stressing that affordable energy access must reach low-income and rural areas.
Represented by the Permanent Secretary, Mrs. Abiola Kosegbe, Ogunleye commended REAN’s awareness campaigns and highlighted Lagos’ ongoing energy initiatives, including hybrid solar mini-grids designed to address unique community needs.
The Commissioner also pointed to gender inclusivity as central to the state’s energy strategy, with women often at the forefront of community leadership in renewable energy initiatives. “Women, especially in energy-poor areas, are transformative leaders in their communities. We must empower them to be part of this transition,” Ogunleye remarked.
Ogunleye further disclosed that the Lagos Electricity Bill 2024, pending gubernatorial assent, would establish a legal foundation for the state’s clean energy efforts.
Key policy documents like the Lagos Integrated Resource Plan and the Energy Transition Plan will continue guiding the state’s renewable strategy, in coordination with local distribution companies.
In calling for a unified approach, Ademilua urged the government and private sector to work closely to make renewable energy the cornerstone of Nigeria’s future. The conference reinforced that, with the right financial models, regulatory support, and inclusive policies, Nigeria can advance toward affordable, sustainable energy solutions for all.