Former President, Chief Olusegun Obasanjo has insisted that Nigeria has the resources to generate the bulk of electricity consumed in the country from alternative sources.
He stated that production of Nigeria’s electricity from renewable energy is achievable, affordable and transformative.
Obasanjo disclosed this at the inauguration of a 2MW solar power project at the Olusegun Obasanjo Presidential Library (OOPL), Abeokuta, Ogun State capital, on Friday.
“We hope that by committing to consume renewable energy, we inspire others to follow and still inform others to do their bit for the environment. Our great nation also needs to commit to producing our electricity from renewable energy and truly clean carbon-free sources.
“This goal is achievable, affordable and transformative. It represents a challenge to all Nigerians – in every walk of life, to our political leaders, entrepreneurs, innovators, engineers, and to every citizen.
“This is a generational moment. I’m asking each of you to join me and build this future. Our success depends on our willingness as a people to undertake this journey.
“We have a duty of care to the planet and to every person upon it. We must fulfill it by making our energy system clean, efficient, affordable and sustainable.
“As large an investment as it is, it is remarkably cost effective. It costs less than two and half years supply of diesel to power our generators. So in diesel terms, it pays for itself in less than 3 three years. So, in effect the electricity it produces after three years is almost at no cost.
“In addition, because it is not emitting any green houses gases that diesel generators do, it has the potential to earn carbon credits which are currently priced at $ 40 per ton. Based on estimated annual production of 2,307,000 Kilo Watt hours per year, we can expect to earn nearly $39,589 in carbon credits per year,” Obasanjo explained.
