254
C. N. Nwedu
energy development in the country. For this challenge to be overcome,
a well-crafted, robust, stable and transparent legal framework must be
put in place to address certain market conditions and risks as well as
investments into renewables. The provisions of any legal framework can
only become effective if an interaction exists between such framework
and strong institutions. There is a need for policy consistencies across a
range of institutions manned with the role of energy resources management and regulation, and to make clear government’s renewable energy
strategy and targets, price outlook and processes for contracts standards.
By political and policy implication, lending support to investors by
the government is key to effective and viable renewable energy investments. This should be augmented through axiomatic government’s Ease
of Doing Business (EDB). The World Bank’s 2020 EDB report
101 shows
progress for Nigeria, but a significant gap exists. Therefore, much is
needed by the government to improve on its global ranking.
The relative new growth of renewable energy technologies, excluding
hydro, is seriously considered a constraint to their deployment. The
viability of some renewable technologies is still technically unproven,
and as such, attracts risks uncertainty. This means investor’s intrinsic
risk perception of particular technologies depends on renewable deployment or maturity.
102 Renewable energy technologies deployed at a scale
in long term and of different backgrounds, tend to show an acceptable
degree of certainty.
103 To overcome this challenge, it has been suggested
that wide deployment of relative renewable technologies be undertaken
simultaneously to enable operational testing within different operational
environments, and under some conditions of operation so as to provide
strong reliability, availability and equipment lifespan information. There
are many RES available in different parts of Nigeria, which can be relatively deployed. Accordingly, some renewable technologies such as hydro,
solar, biogas, onshore wind, offshore wind and biomass have been argued
101 World Bank Group, ‘Doing Business 2020: Comparing Business Regulation in
190 Economies’, https://openknowledge.worldbank.org/bitstream/handle/10986/32436/978146
4814402.pdf, accessed 4 May 2020.
102 Pueyo and others (n 87).
103 Ibid.
C. N. Nwedu
energy development in the country. For this challenge to be overcome,
a well-crafted, robust, stable and transparent legal framework must be
put in place to address certain market conditions and risks as well as
investments into renewables. The provisions of any legal framework can
only become effective if an interaction exists between such framework
and strong institutions. There is a need for policy consistencies across a
range of institutions manned with the role of energy resources management and regulation, and to make clear government’s renewable energy
strategy and targets, price outlook and processes for contracts standards.
By political and policy implication, lending support to investors by
the government is key to effective and viable renewable energy investments. This should be augmented through axiomatic government’s Ease
of Doing Business (EDB). The World Bank’s 2020 EDB report
101 shows
progress for Nigeria, but a significant gap exists. Therefore, much is
needed by the government to improve on its global ranking.
The relative new growth of renewable energy technologies, excluding
hydro, is seriously considered a constraint to their deployment. The
viability of some renewable technologies is still technically unproven,
and as such, attracts risks uncertainty. This means investor’s intrinsic
risk perception of particular technologies depends on renewable deployment or maturity.
102 Renewable energy technologies deployed at a scale
in long term and of different backgrounds, tend to show an acceptable
degree of certainty.
103 To overcome this challenge, it has been suggested
that wide deployment of relative renewable technologies be undertaken
simultaneously to enable operational testing within different operational
environments, and under some conditions of operation so as to provide
strong reliability, availability and equipment lifespan information. There
are many RES available in different parts of Nigeria, which can be relatively deployed. Accordingly, some renewable technologies such as hydro,
solar, biogas, onshore wind, offshore wind and biomass have been argued
101 World Bank Group, ‘Doing Business 2020: Comparing Business Regulation in
190 Economies’, https://openknowledge.worldbank.org/bitstream/handle/10986/32436/978146
4814402.pdf, accessed 4 May 2020.
102 Pueyo and others (n 87).
103 Ibid.