It is no longer news that leading Chinese solar panel makers Longi Green, TCL Zhonghuan and Tongwei cut prices by as much as 27 per cent last month due to falling raw material costs. This, of course, sparked off a price war: a development Europe is cashing on as the continent is expected to benefit significantly from cheaper solar prices as it diversifies energy sources to deal with reduced gas supplies from Russia.
China is one of the leading producers and supplier of more than 80% of the world’s photovoltaic panels. The country is all set to add at least 570 gigawatts of wind and solar power in the 14th five-year plan period. Moreover, the country is striving to achieve its carbon-neutral goal by 2060.
According to analysts, a drop in solar panel prices in China will increase demand globally. Specifically in Europe which is currently experiencing an unprecedented energy crisis.
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Nigeria and a major part of the African continent are languishing in a debasing abysmally low electricity generation and supply with many of the countries still using systems and equipment practically obsolete in the developed world.
We, however, hold that Africa nay Nigeria will do well to join the train and also seize the opportunity to not only shore up its power bank, generation and supply but to also be an active actor in the unfolding scenario.
Blessed with a natural source of the sun because its location, it is our opinion that the Federal Government should, if it has not, open trade talks with China and provide conducive environment for indigenous firms to thrive in this business which will not only push the country to embracing the global call for the adoption of renewable energy but also nod its teeming youth population to another sea of economic gains and infrastructural development.
