Rural electrification funds at the rural electrification agency has expressed concern over the huge resources that manufacturing companies and other businesses in Nigeria, are investing in the alternative source of electricity.
The agency’s Executive Director, Mr Sanusi Ohiare said the businesses are spending an average of $14 billion (about N5 trillion) annually on the importation, fuelling and maintenance of generators.
Ohiare made this known in his presentation on the off grid and mini grid goals of the agency, at the 4th National Council on Power (NACOP) in Benin City, Edo State.
The huge resources, according to him, Represents a potential investment of about $9.2bn annually (about N3.2 trillion in production of cleaner and sustainable energy from renewable sources.
Ohiare explained that his agency seeks to channel that generator investment into renewable by scaling up mini grids to create independent generation and distribution of electricity in different places especially in rural areas.
As part of efforts to promote increased access to electricity, he says that the agency in 2017 began processes to energise various markets in Nigeria in what it terms energising economies programme.
The projects include about 37,000 shops at the Ariaria Market in Aba, Abia State; Sabon Gari market in Kano State; Sura shopping Complex and Shomolu printing community in Lagos State.