The Centre for the Promotion of Private Enterprise says Nigeria is not ripe for a ban on the importation of solar panels. They are urging the Nigerian government to halt the proposed plan to ban the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Meanwhile, the management and staff of Nigerian National Petroleum Company Limited have welcomed the newly appointed Group Chief Executive Officer, Bayo Ojulari, and the Board of Directors. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises joins CNBC Africa for more.
The Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels. They are urging the Nigerian government to halt the proposed plan to ban the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Meanwhile, the management and staff of Nigerian National Petroleum Company Limited have welcomed the newly appointed Group Chief Executive Officer, Bayo Ojulari, and the Board of Directors. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises joins CNBC Africa for more. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises says Nigeria is not ripe for a ban on the importation of solar panels, citing the glaringly inadequate domestic production capacity that could worsen the country’s energy crisis. Yes, that is important, because right now, the cost of adopting the renewable energy solution is extremely prohibitive, especially the acquisition cost, and even in an economy where energy cost is a major problem, and the citizens and businesses are seeking alternative solutions. We should make it as accessible as possible. The importation of batteries and inverters is too high. That is why it is very difficult even for the middle class to be able to migrate into the use of this alternative solar solution. So as a policy measure, I think governments should begin to look at that space so that we can have more SMEs, more households, the rural community, all of them, having better energy access. And in order to do that, we need to reduce the cost, and we also need to create the right kind of financing, you know, concessionary financing, to be able to drive investment, to be able to drive access to this renewable energy solution option that the citizens have. All right, but I'd like you to speak more on the future energy mix you would like to see in Nigeria. We're seeing this announcement coming from the NNPCL. Earlier, I spoke to Judge Otomi, and he was of the view that at least the issues with gas are some of the areas that should be addressed, you know, in terms of how we can impact, how that could also help energy access here in Nigeria. And I'd like to get your take around that, you know, the multiplier effect this will have, the NNPCL will have on the energy industry in Nigeria, and what future energy mix you will be aspiring for as a nation. No, it's a very important point, because we even have more of gas than even crude oil. In fact, some people have said that we should be calling ourselves a gas nation rather than a crude oil producing nation. And we have not yet optimized the opportunities, investment opportunities in gas. So I agree with that position. It's something that we need to do a lot more of, you know, emphasizing more of gas even than crude oil. And the good news is that the current administration has been doing a lot to attract investors into that space. A lot has been done to improve the fiscal terms, the fiscal incentives to attract more investors into that space. So investing a lot more in gas to enable the economic benefit, especially from the point of view of industrialization, because you need such heavy, heavy delivery of energy from gas, from hydro to be able to drive, you know, energy availability on the grid. Then we should also have this off-grid solution coming from renewables, you know, to enable households, you know, the small people, SMEs and the rural communities to also have access. So we have to broaden the scope and give equal attention to all these components of the energy mix. I think that is the way to go. All right. Thank you so much for your time on the show today, Muda Asif. They're the director at the Center for the Promotion of Private Enterprises.
Theme: Challenges and Opportunities in Nigeria's Energy Sector
The Centre for the Promotion of Private Enterprise has raised concerns about Nigeria's proposed plan to ban the importation of solar panels, stating that the country is not yet ready for such a restriction. The move to halt the ban comes as a response to the glaringly inadequate domestic production capacity in Nigeria, which could exacerbate the nation's existing energy crisis. Muda Yusuf, Director at the Centre for the Promotion of Private Enterprises, emphasized the importance of accessibility to renewable energy solutions in light of the current high costs associated with adoption. Yusuf highlighted the prohibitive acquisition costs of solar panels, batteries, and inverters, making it challenging for both businesses and citizens, especially the middle class, to transition to solar energy alternatives. He stressed the need for policies that promote affordability and accessibility to ensure widespread adoption of renewable energy solutions across various sectors of society, including small and medium enterprises (SMEs) and rural communities. The director urged the government to consider reducing costs and providing concessional financing to drive investment and improve energy access for all citizens. In discussing the future energy mix for Nigeria, Yusuf underscored the country's abundant gas resources, which he believes should be leveraged more significantly alongside renewable energy sources. He highlighted the need to attract more investment in the gas sector to bolster industrialization and enhance energy availability on the grid. Yusuf also advocated for a balanced approach that combines grid-based energy solutions with off-grid renewable energy options to cater to diverse energy needs in the country. Overall, Yusuf emphasized the importance of diversifying Nigeria's energy mix to ensure sustainable and reliable access to energy for all sectors of society.
"So as a policy measure, I think governments should begin to look at that space so that we can have more SMEs, more households, the rural community, all of them, having better energy access."
Nigeria, solar panels, energy crisis, renewable energy, domestic production capacity, affordability, accessibility, energy mix, gas sector, industrialization