Renewable energy investment in Africa hits $ 3.6 bn in 2011

Dec 23, 2011 12:00 AM

The Managing Director of Bank of Industry (BOI), Ms Evelyn Oputu has said that the total investments in renewable energy in Africa rose from $ 750 mm in 2004 to $ 3.6 bn in 2011.
The Managing Director made the remarks in Abuja at the 1st renewable energy investment forum organized by the bank in collaboration with the United Nations Development Programme (UNDP). She was represented by the General Manager, Operations, Mr Austine Joe Madugu.

She said the investment shot up largely due to strong performance from Egypt and Kenya which are in the Northern and Eastern parts of the continent. She said that investment in renewable energy across the globe is increasing significantly from $ 33 bn in 2004 to $ 211 bn as of June this year, 2011.
She explained that in Nigeria, investments in renewable energy have a large potential for growth given the large gap between energy demand and supply and the enormous renewable energy options available.

Oputu said: "Most of the renewable energy projects embarked upon in the country have been more from the government agencies at federal, states or local government levels. This is why the BOI in conjunction with the UNDP are making effort to feature Nigeria in global renewable energy investment portfolio through private sector involvement.”
"I am calling on both the financial institutions and renewable energy service providers to avail themselves of the opportunity afforded by this forum to network for the development of the renewable energy industry in Nigeria," she said.

Speaking, the UNDP Deputy Country Director in Nigeria, Mr Jan Thomas Hiemstra said that after working with various government agencies, the UN agency shifted attention to engage private investors in Nigeria to make them take active role in renewable energy development in the country.

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