The European Union formally launched a € 30 Million fund for renewable energy projects in Nigeria at the forum. Over 230 participants attended the forum, including representatives of government, energy industry associations, development partners, entrepreneurs, academia and the private sector.

The following recommendations were made:

1. Improved coordination and collaboration among key energy stakeholders in the public and private sector is required to ensure appropriate on-grid and off-grid energy solutions are implemented across different communities in Nigeria.
2. Local and international partners must mobilize private investments for renewable energy projects, including off-grid and commercial and industrial captive power schemes, with partial risk guarantees provided by the public sector.
3. Energy equipment providers must develop more-efficient power and cooling technologies that can reduce energy demand, enable digital energy management, minimize noise pollution and improve cost savings, thereby promoting environmental sustainability.
4. Renewable energy investors and developers must explore innovations in financial engineering for making bankable projects, minimizing risks of currency depreciation, increasing new connections and creating new jobs in a low-carbon economy.
5. A Clean Energy Infrastructure Fund should be developed by the Bank of Industry, Central Bank of Nigeria and local investors for empowering women in energy, training young professionals and expanding local manufacturing capability for both the off-grid and on-grid sectors.
6. Renewable energy funders and developers will require technical assistance on project preparation, risk assessments and local staff training to boost investor confidence, improve project specification and facilitate ruthless implementation.
7. Regulatory regimes that can attract more private investments into smart metering and low-carbon technologies including on grid and off grid solar, wind, biomass, small hydro and distributed gas-to-power systems should be developed by the Nigerian Electricity Regulatory Commission.

Progress on the above recommendations will be reviewed at the upcoming 5th Nigeria Energy Forum on 1st to 2nd April 2020.