Investors Eye Nigeria’s Alternative Energy Mix

Nigeria could see a larger influx of investors as the alternative energy sector is on the rise in Africa’s most populous nation.

The International Renewable Energy Conference (IREC) kicked off yesterday discussing alternative energies throughout Africa, mainly Nigeria, with a call to move away from the petroleum sector.

With less than 40% of Nigeria’s population having access to electricity, many attendees were looking for a way to invest into a market that has enormous potential. Policy regulation and finance were main points of discussion and several projects throughout the globe were analyzed for their potential on the continent.

However, some attendees wondered why certain projects, such as CDMs, have been successful in other places but have yet to take off in Africa.

 “One of the biggest problems we’ve seen is Africa is a bit behind the curve for putting in place regulation and trademark as far as getting commission in place and splitting up revenues between the government and projects,” said Muyideen Kazim, head of Alternative Energy for the United Bank of Africa Plc.

And while there is still a long road ahead, it would appear that many see the enormous wealth that Nigeria, in particular, has to offer in the alternative energy arena.