Funding Constitutes 50 percent Hurdles of Renewable Industry – REAN

June 18, 2022

By Simon Echewofun Sunday

The president of the Renewable Energy Association of Nigeria (REAN), Dr Segun Adaju, has said adequate funding constitutes over 50 per cent of the hurdles of the renewable energy industry in the country.

Speaking at a two-day workshop organised by REAN in Abuja, yesterday, Adaju said the thrust of discussion during the gathering was on leveraging access to financing to deliver more renewable energy projects in bridging the access to electricity gap.

According to reports, over 45 million Nigerians do not have access to electricity while the 55m with electricity access do not have adequate power supply.

While wrapping up the session, Adaju initiated a task force comprising nine to 11 members drawn from the renewable energy operators, the Bank of Industry (BoI), Development Bank of Nigeria (DBN); commercial banks like Access, Sterling, First Bank and Jaiz, as well as entrepreneurs who have accessed funds in the past.

“So, let’s have maybe about a nine to 11 member task force, and have those who have had the funds talk on how they can share their experience. 

“I think if it’s acceptable, it’s something we should do and then we will be measuring the metrics of what we have achieved in three months; like how many companies have accessed funds in three months,” he stated.

Source: Daily Trust