KEY POINTS
- Solar energy adoption is increasing as fuel costs rise.
- AI is improving efficiency and reliability of renewable energy systems.
- Private-sector investment is crucial for expanding solar energy in Nigeria.
Rising fuel prices and frequent power outages are creating a more favorable environment for solar energy adoption in Nigeria, according to the CEO of Gennex Technologies, Patrick Ilo.
Speaking at the Gennex Colloquium, themed “Steering the Renewable Energy Future: Innovation, Sustainability, and Inclusive Growth—Focusing on the Transformative Role of AI-Driven Innovations,” Ilo emphasized that Nigeria’s ongoing energy challenges, including high petrol and diesel costs and frequent grid failures, highlight the urgent need for alternative power sources. He positioned solar energy as a practical, sustainable solution to meet both immediate and long-term energy demands.
Ilo called on Nigerians to embrace solar energy as a more affordable alternative amid escalating fuel prices and unreliable electricity. However, he acknowledged that limited financing remains a significant barrier to widespread adoption of renewable energy.
“The government is overstretched,” he said. “Private-sector partnerships are essential to bridging the funding gap and driving sustainable energy solutions.”
Ilo also urged banks to invest in renewable energy by offering flexible repayment terms, citing existing government policies that encourage investment in the sector.
Solar energy adoption rises in response to rising fuel costs
Nigeria’s energy landscape is increasingly conducive to solar power as households and businesses struggle with high fuel prices and constant power disruptions. Solar energy adoption is emerging as a solution to these ongoing issues, providing more affordable, sustainable alternatives to petrol and diesel generators. With costs rising, many Nigerians are seeking out solar energy systems as an immediate and reliable fix for their electricity needs.
However, access to financing remains a major hurdle for widespread adoption. While demand for solar solutions grows, limited access to affordable financing options continues to slow progress. Experts, like Ilo, argue that increased investment from the private sector and banks could help ease this bottleneck and accelerate solar energy growth across the country.
AI-driven innovations enhance solar energy efficiency and sustainability
At the Gennex Colloquium, Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, spoke about how artificial intelligence (AI) is reshaping the renewable energy landscape. He explained that AI technologies are helping to improve the efficiency, scalability, and sustainability of solar and other renewable energy systems.
“AI is transforming the sector by enhancing efficiency and optimizing grid management through real-time data analysis,” Ogunleye said. By enabling solar farms to predict weather patterns and adjust their output accordingly, AI ensures renewable energy sources are better able to meet immediate energy demands, improving their overall reliability and sustainability.
Private sector investments key to boosting solar energy adoption
While AI and technological advancements play a crucial role, private sector involvement remains vital in scaling solar energy adoption. Patrick Ilo emphasized that banks and other private investors must step up by offering flexible financing models that make renewable energy more accessible to Nigerians. With the right policies in place, partnerships between government, the private sector, and financial institutions could bridge the current funding gap and unlock the full potential of solar energy in Nigeria.
In addition, Ogunleye highlighted the need for inclusive growth in the renewable energy sector. He called for equitable access to clean energy across rural and underserved communities, as well as promoting workforce development to empower local talent, especially women and marginalized groups, to take on leadership roles in this growing industry.
