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With right policies, investors can grow power sector with FG—Iledare

President of the Nigerian Association for Energy Economics (NAEE), Prof. Wumi Iledare, has said that the Federal Government and the private sector could partner and pull resources together to grow the power sector if the right policies are put in place.

In his remarks at the2017 World Energy Day held weekend in Abuja, Prof Iledare decried the inability of Nigeria to turn her huge renewable and non-renewable energy potential into lofty dream capable of supporting rapid economic growth, job creation and poverty reduction.

According to him, short and medium term plans have failed Nigeria, saying this is time to plan for power from the mindset of long-term plan to promote and deepen the role of green energy solution for a sustainable future.

He revealed that the world is entering into a new energy transition that would relegate fossil fuel to the background and added that only a combination of breakthrough in technology, improved batteries and huge private investments in energy efficiency, was forcing a new consensus among energy users and producers.

NAEE boss listed some of the new developments that will disrupt old power technology which we are still struggling to develop to include modern energy technology, international energy and climate change protocols and agreements, as well as increasing concern about the future of the earth as other factors.

He argued that if leading oil-rich countries like Saudi Arabia and Norway are already planning for a post-oil era, to adopt the Public Private Partnership (PPP) model to run the sector, Nigeria has a lot to do not to be left behind in the world changing energy market.