Nigeria raises renewable energy targets to 30% by 2030

Nigeria, a country with a population of over 180 million people, has set an ambitious goal to raise the amount of renewable energy in its energy mix to 30 per cent by 2030. Currently, the country's renewable energy percentage is slightly above zero, with only a small fraction of power generation coming from sources such as solar. Victor Eromosele, Chairman and Chief Executive Officer of Mentor Consulting, shed light on the challenges and opportunities Nigeria faces in achieving this target during an interview on CNBC Africa. Eromosele highlighted the significant reliance on fossil fuels for power generation in Nigeria, noting that hydro is the predominant source of renewable energy in the country. However, the potential for solar power remains largely untapped, with only a few utility scale operators venturing into solar projects. The slow progress in transitioning to renewable energy can be attributed to a lack of awareness and infrastructure, as well as the perceived cost barriers associated with renewable energy projects. While fossil fuels still play a crucial role in meeting Nigeria's energy demands, Eromosele emphasized the importance of optimizing the use of these resources while transitioning towards cleaner renewable energy sources. He pointed out that the global shift towards cleaner energy solutions, such as electric cars, underscores the need for Nigeria to accelerate its adoption of renewable energy technologies. One of the promising trends in Nigeria is the growth of rooftop solar installations, which offer a decentralized and cost-effective energy solution for consumers. Eromosele shared his own experience of having solar panels on his rooftop, highlighting the long-term cost benefits of investing in renewable energy infrastructure. He emphasized that while the upfront costs of solar installations may seem prohibitive for some, the long-term savings and environmental benefits outweigh the initial investment. Despite the potential benefits of renewable energy, Nigeria faces significant challenges in achieving the 30 per cent target by 2030. The country's current power generation capacity of around 5,000 megawatts falls short of meeting the growing energy demands of its population. With a rapidly expanding population and increasing energy needs, Nigeria must prioritize investments in renewable energy infrastructure to ensure a sustainable and reliable power supply for all citizens. Eromosele raised concerns about the lack of detailed planning and strategy to achieve the 30 per cent renewable energy target. He urged policymakers and stakeholders to develop a comprehensive roadmap that addresses key issues such as grid infrastructure, transmission capacity, and financing mechanisms to support large-scale renewable energy projects. Additionally, he emphasized the importance of raising awareness and building capacity in the renewable energy sector to enable widespread adoption of clean energy technologies. As Nigeria navigates the transition towards a more sustainable energy future, the successful implementation of renewable energy projects will require a coordinated effort from the government, private sector, and civil society. By leveraging the country's abundant solar resources and investing in innovative technology solutions, Nigeria can overcome the challenges of its energy transition and pave the way for a cleaner and more resilient energy sector. In conclusion, Nigeria's ambitious target of reaching 30 per cent renewable energy by 2030 represents a significant step towards a more sustainable and environmentally friendly energy system. However, achieving this goal will require concerted efforts to overcome existing barriers and capitalize on the opportunities presented by renewable energy technologies. With strategic planning and stakeholder collaboration, Nigeria can position itself as a regional leader in the transition to clean and renewable energy sources.