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VENTURES AFRICA – The World Bank will partner with Nigeria’s Federal Ministry of Environment to raise a $100 million clean technology fund for the development of alternative energy sources in the oil-rich country, the global financial regulator’s Lead Energy Specialist, Mr Erik Fernstrom has said.
While making the disclosure to the News Agency of Nigeria (NAN) on Wednesday, the World Bank official indicated that the low interest concessional loan would be target at solar energy developments in some northern states given their abundant sunshine climate.
The plan, according to Fernstrom, is to diversify Nigeria’s hydro and gas-based energy sources to ensure energy security.
“You know very well that when you have some interruption, some gas pipeline sabotage or accident happen, you lose a lot of your power supply,” Fernstrom said.
“The same thing with hydro; if you have dry year, all of a sudden, you have no power from your hydro power. Part of what you have seen across Africa is that you need diversification and we need to find and draw on all the natural resources that Africa has so much of,’’ he added.
He cited “lack of diversification” as the cause of Africa’s power woes but was upbeat about Nigeria’s energy future as a result of the current government reforms.