Nigeria’s Renewable Energy to hit 30%

FG Will Support Innovative

The Federal Government, yesterday, said attempts were in top gear to increase renewable energy penetration to 30 per cent across the country by 2030. 

Vice President Yemi Osinbajo, who spoke at the inauguration of a 1.12MW solar hybrid project at the Abubakar Tafawa Balewa University, Bauchi, also said there was no going back on the reduction of Nigeria’s carbon footprints.

Osinbajo hinted that the Rural Electrification Agency (REA) has been mandated to achieve the objectives, stressing that 22,000 students in the country and some faculties in several universities were already hooked on to the programme. 

In another development, the Federal Government said it would not relent in its support for innovative ideas and interventions that would help Micro, Small and Medium Enterprises (MSMEs) thrive.

This, it said, would in turn grow the economy and create more employment opportunities for young Nigerians especially.
Osinbajo stated this while speaking virtually at the official launch of the 2021 Bank of Industry (BOI) SME Academy, in conjunction with Procter & Gamble (P&G), added: “The Federal Government believes wholeheartedly that SMEs, or rather, MSMEs- Micro, Small and Medium Enterprises- are the bedrock of our economy.

“This administration is determined to support small businesses, because we know that this is the way of growth and prosperity for our people, and that support is now even more necessary in the wake of the economic downturn caused by the COVID-19 pandemic. It is exciting to see private sector partners who are just as committed to doing the same.”

According to him, Nigeria is working hard to curb emissions by 20 per cent immediately and 45 per cent in collaboration with its international partners.

Minister of Power, Saleh Mamman, said apart from captive hybrid solar power plant, renewable energy workshop and training centre, the Federal Government has installed streetlights across benefitting institutions.

Emphasising government’s continued support for innovation and enterprise in the MSMEs sector, during the virtual launch of the BoI SME Academy, the vice president commended the private sector for supporting the growth of small businesses through such initiative as the SME Academy.

Highlighting the importance of MSMEs to economic growth, while referencing data from the National Bureau of Statistics (NBS), Osinbajo noted that MSMEs contribute 48 per cent of national GDP, account for 96 per cent of all businesses and 84 per cent of employment, saying there are about 17.4 million MSMEs in the country, accounting for 50 per cent of our industrial jobs and nearly 90 per cent of the jobs in our manufacturing sector.

Other dignitaries at the event included the Industry, Trade and Investment Minister, Otunba Niyi Adebayo; Managing Director/Chief Executive of the Bank of Industry (BoI), Mr. Olukayode Pitan; Managing Director, P&G Nigeria, Mr. Adil Farhat; Senior Vice Chairman for Africa, Standard Chartered Bank, Mrs. Bola Adesola; and Chief Executive of House of Tara, Mrs. Tara Fela-Durotoye.