THE Miniser of Industry, Trade and Investment, Dr Doris Uzoka-Anite, has restated the President Bola Tinubu led administration committmebt to supporting investments in renewable energy manufacturing.
Uzoka-Anite said this on Thursday in Abuja, at the African Natural Resource and Energy Investment Summit (AFNIS).
She was represented by Mr Opaluwa John, the Director, Industrial Development at the ministry.
Accordong to the minister, various initiatives, such as tax incentives, regulatory support, and financing options, have been introduced to attract investors.
she said the “Renewed Hope” agenda, led by Tinubu was focusing on creating a conducive business environment for renewable energy manufacturing.
She, however, called for collaborative efforts between the Federal Government and the private sector for success to be achieved
“Collaboration between the government and private sector is essential for success.
“Collaboration is a key element in achieving success in becoming a manufacturing hub for renewable energy technologies.
“Partnerships are required, not only between the government and industry, but also international organisations and companies,” she said.
The minister said that Nigeria had abundance of renewable energy resources such as sunlight, wind, and water.
According to her. environmental and economic benefits are associated with renewable energy adoption.
She said that Nigeria was uniquely positioned to become a manufacturing hub for renewable energy technologies due to its skilled labour force, available resources, and entrepreneurial spirit.
” To realise this vision, the nation must invest in manufacturing facilities, infrastructure, and supportive policies.
“The private sector plays a crucial role in this endeavor, and it should be encouraged and supported to invest in renewable energy manufacturing.
Collaborative efforts can facilitate technology transfer, knowledge sharing, and the adoption of global best practices.
“Successful collaborations between Nigerian businesses and international partners serve as models for what can be achieved through teamwork,” she said.
Also speaking, Mr Adebayp Adelabu, the Minister of Power, said that the AFNIS was a testament to the commitment of the Federal Government to fostering partnerships that would drive innovation, investment and prosperity for the nation.
Adelabu, represented by Nosike Emmanuel, the Director of Transmission at the Ministry of Power, however, said that electricity was a fundamental requirement for economic growth and development.
According to him, Nigeria, as the most populous country in Africa, has been grappling with power supply challenges for many years.
“However, there is a reason to be optimistic about the progress being made in this crucial sector.
“President Bola Tinubu has recognised the importance of addressing the power crisis and has made it a top priority.
Notably, the Electricity Act, 2023 signed into law by the President consolidates the laws relating to the Nigerian Electricity Supply Industry.
“It provides a legal and institutional framework for the power sector in Nigeria in the areas of electricity generation, transmission, system operation, distribution, supply, trading, and consumer protection, ” he said .
The minister said that the Act further provides a holistic, integrated resource plan that compels utilisation of renewable and non-renewable energy sources for power supply in the country and attracts investments into the sector.
“You will agree with me that the Nigerian government is making commendable efforts in the power sector to address the long-standing issues of electricity supply.
” While there is still work to be done, the commitment to improving the power sector is evident.
“The initiatives to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment are steps in the right direction.
” With continued dedication and collaboration between the government, private sector and other key stakeholders, Nigeria can look forward to a brighter future with a more robust and reliable power supply,” he said.
he said that one of the cardinal goals of the government was to attract domestic and foreign investment that will propel Nigeria towards energy self-sufficiency, economic diversification, and environmental sustainability.
According to him, the government is committed to creating a conducive business environment, ensuring regulatory clarity, and fostering public-private partnership that will drive the energy sector
“As we embark on this journey, let us remember that the energy sector is not just about numbers and investments.
“It is about improving the lives of our citizens, enhancing energy security, and building a greener, more prosperous Nigeria.
“It is about empowering our youths with employment opportunities and reducing the energy poverty that still affects many,” he said.(NAN)
November 2, 2023 @ 20:34 GMT|