Renewable energy development can contribute materially to the economic diversification in Africa.
General Manager of Franz Energy Ltd, Mr Osi Okonkwo, stated this at a panel discussion at the ongoing 31st Afreximbank Annual Meetings in Nassau on Thursday.
Osi stated that with specific policies in place, the diversification to renewable energy will be a great development.
“There is a need to delve into the actual production of solar panels, inverters and batteries, on the continent. There is so much more that can be done. But to do this, when you talk about strategy, a few things need to be done.”
He also added that the diversification will leads to a clearer, healthier and more financially prosperous Africa with lots of jobs. It would require going further down into the value chain and not just pushing energy and commodities off the continent.
Osi cited the instance of China that just launched a five GigaWatts (GW) solar farm, saying that the five GW capacity was about all of the power connected at the moment in Nigeria.
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