‘How recession affects Nigeria’s transition to renewable energy’ - Guardian (Lagos)

A photovoltaic park in Les Mees, southern France Credit Jean-Paul Pelissier/REUTERS

Inadequate financing triggered by recent economic recession was on Monday identified as a major constraint to Nigeria’s transition to renewable energy.

Speakers at a seminar on “Start-ups in Renewable Energy”, organised by the Consulate-General of the Federal Republic of Germany, Lagos in conjunction with the Delegation of German Industry and Commerce in Nigeria, said the impact was felt more in foreign borrowing.

According to the delegation’s Head of Energy and Environment Desk, Mrs. Barbel Freyer, while speaking with The Guardian, access to financing for proper start-ups in renewable energy had been hampered as the recession triggers unpredictable exchange rate which does not encourage external borrowing.

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