An investment of $16bn (N2.53tn) is needed by the Federal Government from the private sector to address the myriad of problems in the energy sector.
The Project Manager, Bank of Industry/United Nations Development Programme, Mr. Femi Adaju, said in Abuja at the second edition of the renewable energy investment forum.
He said the project would involve a combination of business chains where many people would be gainfully employed.
For instance, he said by 2022, about two million jobless Nigerians would be employed through the introduction of renewable energy to complement regular electricity supply.
He said, â€œNigerians spend about $11bn on energy generation through the usage of generators, which involve the usage of fuel. And all what we need for the sustainable energy in the country is $16bn.
â€œThat is why we are calling on Nigerians to harness these resources for the full operation of renewable energy.
â€œRenewable energy industry is rapidly growing beyond all projections by the industry experts. For instance, according to Renewable Energy Global Status report, 2012, by the end of 2011, total renewable power capacity worldwide exceeded 1,360 Giga Watt, up to by eight per cent over what it was in 2010.â€
Adaju said the project was in furtherance of UNDPâ€™s support to private sector development for micro, small and medium scale enterprises, adding that it would provide power through solar, water and biomass.
The Managing Director, BOI, Ms. Evelyn Oputu, said that since renewable energy market had grown rapidly in recent years globally, there was need for Nigerians to take advantage of the initiative.
She said, â€œRenewable energy markets and policy frameworks have also evolved rapidly in recent years across the globe. Its development has grown to make an estimated 16.7 per cent of global final energy consumption.
â€œInvestment in renewable energy across the globe continues to increase significantly from a mere $33bn in 2004 to $257bn by the end of year 2011. As at today, it is approaching $300bn mark.â€
â€œThe irony and challenge here is Nigeriaâ€™s investment in renewable energy systems is not well captured in the global reports due to the piecemeal and un-coordinated manner in which renewable energy projects are embarked upon in the country.â€
The BOI boss said most of the renewable energy projects in the country in the past were done for political and social reasons.
She said, â€œThis is why BOI, in conjunction with the UNDP, and other relevant stakeholders are making efforts to feature Nigeria in global renewable energy investment portfolio.â€
Part of the objectives of the event was to outline a comprehensive strategy for promoting formal investment into renewable energy development in Nigeria, She said.