Experts Advocate for Enhanced Investment in Renewable Energy Development.
Mr. Osi Okonkwo, General Manager of FrazEnergy Ltd, a subsidiary of Oilserv Group, has emphasized the critical need for increased investment in renewable energy resources to drive economic diversification in Nigeria and other African nations. He highlighted this during his presentation at the ongoing 31st Afreximbank Annual Meetings (AAM2024) in Nassau, Bahamas.
Speaking on the topic “Driving Economic Transformation in Global Africa: The Role of Emerging AfriCaribbean Giants,” Mr. Okonkwo underscored the importance of developing specific policies and strategies to foster growth in the renewable energy sub-sector. He asserted that Nigeria’s energy transition programme, centered on renewable energy, has the potential to transform Africa into a financially prosperous region, creating millions of jobs.
“There is a need to delve into the actual production of solar panels, inverters, and batteries on the continent. There is so much more that can be done. But to do this, when you talk about strategy, a few things need to be done,” he said.
Drawing comparisons with China’s recent launch of a five-gigawatt solar farm, Okonkwo suggested that Nigeria could adopt similar strategies to boost its renewable energy capabilities. He emphasized the necessity of leveraging transition fuels, particularly natural gas, as a bridge to a cleaner energy future.
On policy formulation, Okonkwo advocated for frameworks that promote meritocratic access to resources and funding, ensuring that the right conditions are in place to support the renewable energy sector’s growth.
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Former President of Afreximbank, Mr. Jean Louis-Ekra, also addressed the panel, stressing the need to shift African economies from an export-driven base to one that prioritizes internal development and infrastructure. He highlighted the importance of reliable power supply and the benefits of the African Continental Free Trade Area (AfCFTA) in facilitating economic transformation.
“You cannot do much transformation without power. We need to take advantage of AfCFTA and address issues like moving money efficiently. Once we have dealt with some of the basics, then we can move forward rapidly, exporting among ourselves and seizing opportunities in the Caribbean,” Louis-Ekra stated.
