From Ighomuaye Lucky, Benin
The Managing Director, Edo State Investment Promotion Office (ESIPO) Mr. Kelvin Uwaibi has called for policy consistency and collaboration at the African Natural Resource and Energy Investment Summit, 2023 to ensure constant electricity supply in the country.
He made the call at the African Natural Resource and Energy Investment Summit 2023 held in Abuja.
Mr. Uwaibi, who served as a panellist at the summit, highlighted the importance of policy consistency and collaboration among various stakeholders.
Uwaibi expressed that investors require a predictable policy landscape to make informed decisions and investments in Nigeria.
He stated, “Policy has to make sense for financing to work. Everything starts with policy. We are on the right path in Nigeria as power has been moved to the Concurrent List. This has been a problem for sub-nationals when the laws of the land become the hindrance to sub-nationals providing electricity to their people.”
Investors, according to Uwaibi, are keen to witness policy consistency and sustainability plans to ensure their investments remain secure.
He added that they don’t want policy somersaults after they’ve gone to source funding for projects stressing that the necessity of a prolonged period of policy consistency across all sectors in Nigeria, which would instill confidence in investors regarding the country’s documentation and processes is what keeps businesses going.
Furthermore, Mr. Uwaibi emphasized the need for clear demarcation of responsibilities among different levels of government.
He pointed out that local governments have often times, abandoned their responsibilities for state governments, some of which have also left theirs for the federal government, which should not be so, therefore, there should be a reevaluation and restructuring of these roles.
Uwaibi also raised concerns about the lack of data sharing among government agencies, saying that a single platform for data sharing to enhance transparency and efficiency should be promoted.
He cited the example of the Rural Electrification Agency of Nigeria (REAN), which conducts feasibility studies but faces challenges in disseminating their findings.
He further proposed dividing electrification into commercial and residential sectors and focusing on strategies that encourage industrial electricity clusters, such as the production hub in Edo State.
On the part of Mr. Ahmad Salihijo Ahmad, Managing Director/CEO of the Nigeria Rural Electrification Agency, he highlighted the importance of a robust electrification plan and efforts to close infrastructure gaps in unelectrified areas.
He also stressed the need for all stakeholders to collaborate on this comprehensive plan.
Mr. Ahmad further underlined the importance of adopting commercialized aspects of electrification and using them as models for scaling up projects adding that the involvement of local communities through cooperatives as a means to promote ownership and sustainability can never be overemphasized.
Olu Aruike, Country Director of Husk Power Systems, on his part also, echoed the need for suitable financing, emphasizing the transition from merely electrifying communities to empowering them while Ruchi Soni, Programme Manager of Sustainable Energy for All, said that subsidies and grants should serve as the foundation for electrification financing just as he reinforcing the importance of financial support for these critical initiatives.
The various panelists further agreed that a stable policy environment, collaboration among stakeholders, and innovative financing approaches are essential for driving investments in the energy sector and achieving sustainable electrification in Nigeria.