University don calls on FG to formulate policies on actualization of renewable energy system

The Federal government has been asked to formulate policies on the renewable energy system for its actualization rather than paying a lip service to it.

The Professor Emeritus in Petroleum Economics, LSU Centre for Energy Studies, Omowumi Iledare gave the task at second edition of the Dr. Diran Fawibe Annual lecture entitled Disrupting the energy landscape in Nigeria at the University of Ibadan on Wednesday.

He stated that the essential steps to finding a best speed at disrupting the energy landscape in the Country rest on the government

According to him, “The disruption in the energy landscape globally characterized as energy transition with emphasizes on green energy adoption to reach net zero carbon emission by 2050 while Nigeria has set its own net zero target for 2060.

But the disruption of the energy landscape goes beyond setting the target as it involves strategic thinking and planning.

Ilemade said for the government to achieve its target, it must set the transition agenda in cooperation with regional allies.

” Government should empower energy institutions with frameworks to attract investment by rewarding entrepreneurship and innovation and constraining inefficiency and waste.

“Public Private Partnership is needed in finding and developing energy sources based on comparative advantage.

“Nigeria may have to look inward for the type of investment fund required for the energy mix strategy to work including petroleum and this is the essence of the new Africa Energy Bank

“Energy is life, its consumption drives prosperity and sustainability. Nigeria must go after a robust energy mix driven purely by economics, technology, public policy and good governance”

Also, in his address,Dr Diran Fawibe stressed the need for collaboration between the government and research institutions nationwide.

According to hin, Universities across the globe use to be the center which provide assistance them to develop in terms of research and development.

The Universities and industries must work hand in hand to facilitate the socioeconomic growth of the Country.

The University education in the Country is facing a lot of challenges especially in the area of funding, hence the need for the assistance of the Organized Private Sector as the government alone can not shoulder the responsibility.