The Federal Ministry of Environment says it is ready to collaborate with state governments to develop renewable energy toward improving power supply in the country.

Mrs Bahijjahtu Abubakar, the National Coordinator of Renewable Energy programme in the ministry, made this known in an interview with the News Agency of Nigeria (NAN) on Tuesday in Abuja.

She disclosed that the Minister of Environment, Mrs Hadiza Mailafia, had shown interest in actualising the renewable energy project in the country.

“We are lucky that we have a minister now that is very vibrant and the executive have shown a lot of commitment towards this. We have a lot of state governors that have also shown commitment to this.

“So in that regard, we have no choice in Nigeria but to step up. We are already behind. In Africa, Nigeria is not doing well at all in renewable energy.”

Abubakar further disclosed that the bankers’ committee was looking into financing the project in Nigeria.

According to her, the committee will enlighten financial institutions in the country on the benefits of funding such a project in spite of the risk.

She said that the ministry valued the commitment and persistence shown by NEXIM bank, Bank of Industry, as well as the ASO Savings and Loans Plc in the pursuit of renewable energy in the country.

Abubakar disclosed that the ministry would partner the financial institutions to drive the renewable energy project forward.

“Bank of industry and NEXIM bank are doing very well in this regard. They are building capacity; they have set up departments to look at renewable energy.

“That is why we are bringing Bank of Industry, NEXIM bank with our development partners that are the state governments.”

The coordinator noted that the banks’ relationships with international organisations, such as the United Nations Environment Programme (UNEP), would help boost the success ratio of the project in the county.

She stated that the banks have agreed with the ministry to charge the states interested in the renewable energy project not more than one digit interest rate. NAN


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