Date Published: 02/27/10

Renewable Energy is achievable in Nigeria in ten years - MD NEXIM Bank

The managing Director of Nigerian Export-Import Bank (NEXIM Bank), Mr. Roberts Orya, has reiterated the need for Nigeria to focus on the Green Economy and renewable energy in its bid to join global forces to save a world that is threatened by climate change and global warming.

The Managing Director who made this remark while fielding questions after a joint press conference held in Abuja on the GROW YOUR ENERGY(GYE) initiative by NEXIM BANK, AFREXIM BANK, ECOWAS BANK (EBID) and AFRICAN BIOFUELS AND RENEWABLE ENERGY FUND (ABREF) and FLOBAL FUELS LIMITED, speculated that Nigeria may begin to achieve meaningful progress in the global renewable energy project in the next ten years if the collective efforts of all stakeholders are given serious attention.

Describing NEXIM Bank as Nigeria’s first “green bank”, Mr. Orya stated, “all prospective green economies of the world are reshaping and refocusing policies, investments and spending towards a range of sectors, such as clean technologies, renewable energies, green transportation, green buildings, waste management and sustainable agriculture and forests; our partnership with other stakeholders in Africa today is to support the effort to move Nigeria from its current status as a “black economy” to a “green economy”.

He explains further that “a ‘black economy’ is an economy that is still wholly dependent on fossil fuels, such as coal, petroleum and natural gas. But that NEXIM Bank’s present emphasis on the “green economy” model will focus on reconfiguring business and infrastructure to deliver better returns on natural, human and economic capital investments, which will ultimately reduce greenhouse gas emissions, create less waste and reduce social disparities.”

When asked to explain what the immediate outcome of the intervention by NEXIM Bank and its partners would be in the “green economy” model, Mr Orya opined that it would bring about drastic reduction in Nigeria’s carbon footprint, employment generation and poverty eradication, diversification of the national economy, foreign exchange earnings from Clean Development Mechanism, commercialization of Agriculture and substantial savings on fuel subsidy.

Besides the line of credit available to actualize sundry projects for the “green economy” model, Mr Orya stated that Nigeria has ratifies the Kyoto protocol and appointed a Designated National Authority (DNA) in the Special Climate Change Unit of the Federal Ministry of Environment to approve all Clean Development Mechanism (CDM) projects. He further stated, “according to the World Bank study, more than 563 projects could be developed under the CDM regime for estimated revenue of 1.5billiom US dollar per annum.”

The Managing Director in his characteristic confidence expressed much hope on Nigeria’s readiness to go green and reiterated that NEXIM’s effort would ultimately bring about diversification of the nation’s export base, intensive export services, foreign exchange earnings and earnings through carbon credit.