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Osinbajo: We’re Expanding opportunities in Renewable Energy

Osinbajo: We’re Expanding opportunities in Renewable Energy

Posted By Admin    on 10th Oct 2019   

Vice-President Yemi Osinbajo has promised that the Federal Government would continue to expand opportunities for investments in renewable energy, technology and other sectors of the Nigerian economy.

The Vice President stated this on yesterday while responding to questions from a cross section of Norwegian investors at a round-table event at the Nordic-African Business Summit holding in Oslo, Norway.

Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, in a statement, said that the country has made tremendous gains in reforming the energy sector.

He said: “Some of the issues around the power sector have been around the whole question of trying to open up for more willing buyer, willing seller arrangement as opposed to selling to the grid.

“I think what has happened is that some of the contractors would prefer to sell wholesale power to the national grid. Of course, that gives more certainty with regards to their revenues. But what we have tried to encourage now is more of the willing buyer, willing seller arrangement.”

While citing the progress made with the Energizing Economic programme in Sabon Gari, Ariaria and other markets across the country, Osinbajo said: “What is sustainable, long-term, is actually the situation where a private power company can supply whole areas, going through the whole metering process”.

Continuing, the Vice President said: “We have found that it has been successful. It worked in Lagos and other places. Azura Power is supplying power in Wuna, a place just outside Abuja; they are in Lagos and other places. Everybody would rather have a guarantee for payment linked with government, but that isn’t sustainable.

“There are millions of households waiting to be served with power; we think that simply opening the market and ensuring that people are able to build their contacts and realise profits from their supplies is really what government would rather do.”

In creating the enabling environment for youths to leverage technology, Osinbajo said that, “our focus has been on trying to encourage young people actualize their dreams within the Nigerian space.”

Citing the work done by the Creativity and Technology Group of the Industrial Policy and Competitiveness Advisory Council, the Vice President said the efforts of the group is expanding the horizon for local Fintech companies, run by young Nigerians, to grow and undertake bigger tasks.

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