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Business World Bank Prepares $100m clean Technology Fund for Nigeria

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According to World Bank’s Lead Energy Specialist, Mr Erik Fernstrom, the bank in collaboration with the Federal Ministry of Environment is working to attract a 100 million dollar clean technology fund to boost renewable energy in Nigeria.

Fernstrom said that the fund would be a concessional loan with low interest rate targeting a grid connected solar plant (PV) in some states in the country.

He said that the fund would specifically target a grid connected PV in some northern states where solar resources could be optimally used.

Fernstrom advised the Federal Government to invest in renewable energy in order to diversify its energy sources.

He said that it was a problem for the country to depend on one source of energy.

“Nigeria depends solely on gas (petroleum); we do not want the country to rely on only one source of energy, if that source has problem, the country will suffer.

“The issue is about diversification, diversify in energy resources that are affordable so that people can pay their bills.

He also expressed optimism that Nigeria could completely have renewable energy in the nearest future with the efforts of the Federal Government in reforming the power sector.

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