By Peter OBIORA InvestAdvocate
Lagos (INVESTADVOCATE)-Nigeria’s renewable energy efficiency policy final approval is expected soon, Chinedu Nebo, power minister said on Monday while commissioning the solar energy installation by Omatek Ventures Plc at the Nigerian Stock Exchange (NSE).
Nebo disclosed this while speaking with journalists and commended Florence Seriki, the chief executive officer (CEO) of Omatek and the NSE for welcoming the idea.
“This is an impressive project; first of all I want to congratulate the CEO Omatek for this very innovative way of finding solution to massive national problem of power consumption and wastage of power,” the power minister said.
He also commended the omatek CEO for taking the idea to the stock exchange, “if the idea was been sold and was not bought by the stock exchange, we will not be here today,” Nebo affirmed.
Similarly, he commended Oscar Onyema, the CEO of the NSE for his foresight and visionary leadership and adaptation to new technology. “What we see here today is a giant leap. Giant leap in the sense that it is in tandem with Nigeria’s new renewable energy and energy efficiency policy which its final draft has been made and awaiting final approval and very soon we are going to have that policy rolled out for the entire nation,” he added.
According to him, the stock exchange has taken the bull by the horn by allowing this process of Light-emitting Diode (LED). “In Nigeria about 35 percent of all consumption of power is by lighting and because is by lighting, we waste a lot of power,” Nebo noted.
The power minister says it’s because energy efficient bulbs are not being used and when we do that, we will find a situation where at least 70 percent and in some cases 90 percent of energy can be saved.
He noted the ministry is happy that the stock exchange is working with Omatek to integrate the solar component.
“This is a test case, it has been shown to be correct and it shows what happens when people at the helms of affairs are diligent, intelligent, visionary and have foresight and are really patriotic enough to solve a national problem beginning from their own organisations. That’s what the stock exchange and Omatek has done,” Nebo said.
Seriki, the CEO of Omatek highlighted that the solar project was to replace 60 watts of bulbs being used in Nigeria and replacing them with Omateks 6.7 watts. “Its’ white and has five years duration and you don’t have to do anything to replace them for five years that’s basically what this is all about,” she said.
She affirmed that her company in trying to solve Nigeria’s power problem, went ahead to established a factory that would produce solar panels and energy saving bulbs.
She said the project is finished and being showcased and would help banks and other big Nigerian companies to reduce energy. “We have a 50KVA 24/7 solution three (3) phase, its carrying all our conveyor belts, air conditioners and the whole of the operations. What we are saying to Nigerians and Africans is that this is the solution for manufacturers,” the Omatek CEO added.
Seriki disclosed that Omatek would commission retail products that would not require installation, “consumers would only go to the shop to buy them, this will replace the small generators; people will begin to put solar panel in front of their shops and homes. This is what we have brought to Nigeria,” she said.
