BusinessDay
NigeriaDecides2023

Chint to reduce Nigeria’s power deficit through renewable energy

Chint Nigeria has reiterated its commitment to reducing the country’s power deficit through the provision of sustainable renewable electrical and energy solutions.

The subsidiary of Chint Global, a manufacturer of low, medium, and high voltage electrical products, said it would continue to develop and supply reliable and sustainable energy solutions to strengthen Nigeria’s renewable energy landscape.

Gary Gan, Chint Nigeria’s country manager, disclosed this at the 9th Nigeria Energy and Exhibition Conference, held recently in Lagos, where the company displayed an array of its renewable energy solutions, including its residential solar storage and charging solution and a commercial and industrial solar-diesel hybrid solution.

According to the World Bank, the lack of reliable power is a major constraint for individuals and enterprises, resulting in annual economic losses estimated at $26.2 billion (N10.1 trillion), which is equivalent to nearly two percent of Nigeria’s GDP.

Similarly, the 2020 World Bank Doing Business report showed Nigeria ranks 171 out of 190 countries in terms of access to electricity, and access to electricity is regarded as one of the key restrictions for the private sector.

Gan, speaking to the press at the event, said that while Nigeria’s unreliable power supply is a serious challenge, increased access to energy can improve many socio-economic issues.

Read also: Power sector: Scaling Nigeria’s energy transformation agenda

“This is particularly an impetus for Chint’s future investment in Nigeria’s power and energy sectors,” Gan added. “We have been investing in Nigeria’s power and energy sector for the past ten years, and I can tell you that we are here to improve access to energy.”

Furthermore, 85 million Nigerians lack access to grid electricity. According to the World Bank report, this represents 43 percent of the country’s population, making Nigeria the country with the biggest energy access deficit in the world.

In light of this, he said incentives are a realistic way to attract investors for socio-economic growth and prosperity. He also suggested frictionless registration and a friendly business climate to promote international investment, especially in the power sector.

“The federal government must promote investment by offering a welcoming business environment, funding, and equitable service conditions,” he added.

According to him, his organisationn has been working with DisCos and other stakeholders, including the Transmission Company of Nigeria (TCN), to develop world-class energy solutions that would bridge the country’s energy gap.

“The Federal Government must encourage investors by giving incentives such as a welcoming business environment, making official company registration easier, finance, and fair working conditions,” he stated.

In addition, he reiterated Chint’s commitment to exploring solutions that would improve Nigeria’s power sector for development and growth.

“Chint is committed to offering energy solutions that will not only accelerate Nigeria’s access to renewable energy but will also improve the welfare of its population in terms of power use,” Gan said.

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