FEDERAL Government has asked the World Bank Group and the International Monetary Fund (IMF) to scale up the provision of and access to renewable en- ergy in order to deliver development results and meet global climate goals.
Nigeria’s position on renewable energy and regional integration was presented by the Minister of Finance, Mrs. Kemi Adeosun, during the ongoing G24 Finance Ministers and Central Bank Governors meeting in Washington D.C., United States.
Adeosun stated that scaling up renewable energy was a “win-win area” to deliver development results and contribute to the global climate goals.
She said, “We have a major energy infrastructure gap to meet the needs of industrialization. Providing access to energy to all parts of Nigeria, both urban and rural, is a priority.
“If we succeed, we estimate that this could unleash the development potentials of two-third of our popula- tion of 180 million.”
The Minister added that generation of renewable energy was a financially attractive option for reaching rural populations.
She further emphasized the need for business models from other countries to serve as a template in the provi- sion of affordable energy.
While canvassing the reinforcement of regional integration process by the World Bank and the IMF, Adeosun said the process would boost trade between countries and serve as a potential growth driver.
“We believe that part of the solution must be region- al, multi-country initiatives on infrastructure develop- ment. Though complex and often not easy to under- take, there are also successful cases of such projects.
“For instance, a coastal super highway from Lagos to Dakar in West Africa would cut across 11 economic territories. Another Trans-Sahel highway from North- west Nigeria to Mauritania would provide access and boost economic activities of land-lock countries like Niger, Burkina Faso and Mali,” stated Adeosun while speaking on behalf of Nigeria and 30 other countries during the G24 Ministers and Governors meeting.
The IMF Managing Director, Christine Lagarde, ad- vised low-income countries to be very cautious in deal- ing with investors, noting that there was a huge surge yields on the path of investors.
The Chief Executive Officer of the World Bank, Kristalina Georgieva, urged developing countries to look at other sources of finance rather than dependence on the Paris Club.