HomeRegional NewsInternationalHuge rise in renewable energy investment in Africa

Huge rise in renewable energy investment in Africa

Bank of Industry
(BOI) managing
director Evelyn
Abuja, Nigeria — ESI-AFRICA.COM — 04 January 2012 – Bank of Industry (BOI) managing director Evelyn Oputu says that the total investments in renewable energy in Africa have rocketed from US$750 million in 2004 to US$3.6 billion in 2011.

Addressing a renewable energy investment forum here, she said that investment in renewable energy across the globe had continued to increase significantly, and had risen from US$33 billion in 2004 to US$211 billion as of June 2011.

She explained that in Nigeria, investments in renewable energy had a large potential for growth, given the large gap between energy demand and supply and the enormous renewable energy options available.

Oputu said: “Most of the renewable energy projects embarked upon in the country have been more from the government agencies at federal, states or local government levels. This is why the BOI, in conjunction with the United Nations Development Plan, is making an effort to feature Nigeria in the global renewable energy investment portfolio through private sector involvement.

“I am calling on both the financial institutions and renewable energy service providers to avail themselves of the opportunity afforded by this forum to network for the development of the renewable energy industry in Nigeria,” she said.