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'Renewable Energy Achievable in Ten Years'

Mar 1, 2010 - All Africa Global Media - Vanguard

The Managing Director of Nigerian Export Import Bank (NEXIM Bank), Mr. Roberts Orya, has stressed the need for Nigeria to focus on the green economy and renewable energy in its bid to join global forces to save a world that is threatened by climate change and global warming.

The managing director, who made this remark while fielding questions from journalists after a joint press conference held in Abuja on the GROW YOUR ENERGY(GYE) initiative by NEXIM BANK, AFREXIM BANK, ECOWAS BANK (EBID) and AFRICAN BIOFUELS AND RENEWABLE ENERGY FUND (ABREF) and FLOBAL FUELS LIMITED, declared that Nigeria may begin to achieve meaningful progress in the global renewable energy project in the next 10 years if the collective efforts of all stakeholders are given serious attention.

Describing NEXIM Bank as Nigeria's first 'green bank', Orya stated, "All prospective green economies of the world are reshaping and refocusing policies, investments and spending towards a range of sectors, such as clean technologies, renewable energies, green transportation, green buildings, waste management among others, our partnership with other stakeholders in Africa today is to support the effort to move Nigeria from its current status as a 'black economy' to a 'green economy".

He explained that "a 'black economy' is an economy that is still wholly dependent on fossil fuels, such as coal, petroleum and natural gas". But NEXIM Bank's present emphasis on the 'green economy' model will focus on reconfiguring business and infrastructure to deliver better returns on natural, human and economic capital investments, which will ultimately reduce greenhouse gas emissions, create less waste and reduce social disparities."