‘Innovative finance solutions will ease access to renewable energy in Nigeria’

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Ifeanyi Ukwuoma, founder of Powerfull Technology Limited, is driving a transformative agenda to close Nigeria’s energy gap through innovative solar financing. Based in Nigeria, Powerfull focuses on providing data-driven solar financing solutions to make sustainable energy accessible.

Ukwuoma, in this interview with The Guardian, discussed his journey and his vision for democratising access to renewable energy across Nigeria and beyond.

Considering the reported issues with electricity distribution companies like IBEDC and BEDC, what improvements do you believe are necessary to ensure reliable and consistent power supply? Independent power projects can play a crucial role in addressing the shortcomings of the current electricity distribution system by supplementing grid supply with reliable and cost-effective alternative sources of energy. By diversifying the energy mix and reducing dependency on centralized distribution networks, IPPs can enhance system resilience and mitigate the impact of power outages on businesses and households.

With the recent increase in electricity tariffs and its adverse effects on businesses, what strategies do you think can be implemented to ensure affordable and sustainable power for SMEs? In your opinion, what are the most promising renewable energy technologies for Nigeria’s context, considering factors like affordability, scalability, and reliability?

 

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