University calls on FG to formulate policy on implementation of renewable energy system

The federal government has been asked to formulate a policy for a renewable energy system that aims to make it a reality rather than paying lip service to it.

Retired professor of petroleum economics at LSU’s Center for Energy Studies, Omowumi Iledare, made the assignment during the second edition of the annual Dr. Diran Fawibe Lecture titled “Changing Energy Landscape in Nigeria” at the University of Ibadan on Wednesday.

He said the key steps to find the best way to change the energy landscape in the country rest with the government.

According to him, “the disruption in the global energy landscape is being termed as the energy transition, emphasizing the adoption of green energy to achieve net zero carbon dioxide emissions by 2050, while Nigeria has set its own target of net zero emissions by 2060.

However, disrupting the energy landscape goes beyond just setting goals and requires strategic thinking and planning.

Ilemade said that for the government to achieve its goal, it must establish a transformation plan in cooperation with regional allies.

“The government should provide energy institutions with a framework to attract investment by rewarding entrepreneurship and innovation and reducing inefficiency and waste.

“Public-private partnerships are needed to find and develop energy sources based on comparative advantages.

“Nigeria may need to look internally for the investment fund that will be necessary to make its energy mix strategy, including oil, work, and that is the essence of the new African Energy Bank

“Energy is life, its consumption drives prosperity and sustainable development. Nigeria must move towards a sound energy mix driven solely by economics, technology, public policy and good governance”

In his speech, Dr. Diran Fawibe also stressed the need for cooperation between the government and research institutions across the country.

According to Hin, universities around the world are hubs that provide them with research and development support.

Universities and industry must work closely together to facilitate the socio-economic development of the country.

Higher education in the country is facing many challenges, especially in the area of ​​financing, hence the need for support from the organized private sector, as the government alone is unable to shoulder this responsibility.