Firm targets N500m investments in solar-powered technology

To boost the exploit of solar technology in Nigeria, an indigenous renewable energy firm, Arthur Energy Technology Limited, is to invest about N500 million in the process.

For effect, the targeted sum would be channeled towards the development of Nigeria’s first solar powered vehicle assembly plant, which is to be built in Akwa Ibom state.
Speaking on the development at the weekend at the 1st Akwa Ibom Climate change and energy summit, in Uyo, the Chief Executive Officer, Arthur Energy, Arthur Anthony Okeyika, hinted that the plant would be commissioned in Uyo, in collaboration with the state government on completion. He said the plant is projected to generate over 20,000 direct and indirect employments for Akwa-ibom youths in the first five years of operation.

According to him, “we cannot ignore the “green” market potential of Nigeria particularly now that we’re faced with our current economic realities. Fossil fuel as sole energy source for Nigerian cars, homes and industries is not a sustainable option if the conversation on nation building is to be taken serious. We need an integrated solution to power our lives for the future and at Arthur Energy Technology limited we believe the solution is solar power,”

Okeyika also announced his company’s long term investment plan in ‘clean’ transport, stating the reinvigorated push for “Clean Development Mechanism” (CDM) by state governments, international agencies and private sector to deepen the CDM market in sub-Saharan Africa as a welcomed development.

In his words:The CEO Arthur Energy Technology said his company was consolidating its focus on solar power to attract local and foreign investment in Nigeria’s burgeoning renewable energy market

“As a continent, Africa only enjoys 1.4 per cent of the 3,700 CDM projects worldwide and the only way to attract foreign direct investment in renewable energy is to create an enabling environment which will encourage international investors.

“Arthur Energy Technology limited has set out to build Nigeria’s first solar powered vehicle assembly plant in Akwa Ibom and we are committing half a billion naira in capital fund for this project,”, he said.