FG urged to adopt Bangladesh model on renewable energy

The Deputy Managing Director of Infrastructure Development Company Limited of Bangladesh, Mr. Sahabuddin Formanul Islam, has urged Nigeria to set up energy bank as part of the initiative to provide fund for the development of the electricity sector of the economy.

Part of the fund, he said, would be used to support the building of renewable energy to boost the development of the rural sector of Nigerian economy.

Solar LightMr Formanul Islam who spoke to Daily Independent in an interview on the sideline of West Africa Power Convention (WAPIC) forum held in Lagos, said that the bank for the development of the electricity sector when established, should be devoid of political interference and manipulation by the political class.

According to him, experts who have competence in the running of such infrastructure bank should be given free hand to manage it ,adding that political interference will hamper the development of the power sector which is critical factor to economic growth and development.

He stated that the Government of Bangladesh used only $15,000 to set up Infrastructure Development Company Limited, and allowed professionals to run the business of funding the sector, adding that the capital base of the company as at today stood at over $60million

“Bangladesh which is a country below sea level sharing boundary with China, India, Nepal, Myanmar (Burma) has so far connected about 4.5 million homes not hooked to national grid to the use of renewable energy which has gone a long way in solving the energy needs of the nation with a population of 160 million people,” he noted.

Daily Independent investigation revealed that Nigeria with a population of over 170 million people with a huge landmass of 927,000 square km generates only 4300mw through hydro, gas resources and few renewable ,while other energy mix such as coal, solar are ignored and are yet to be tapped .

Although , the Federal Government in November 6, 2013 privatized the power sector with the sale of over 18 films unbundled from the defunct Power Holding Company of Nigeria (PHCN) ,those who acquired the power assets, especially the distribution firms (Discos) are yet to master the art of power business which is capital intensive. The core investors are set to recoup the cost of their investment.