By Ken Asinobi
In a strategic move aimed at bolstering bilateral trade and investment between Nigeria and the United Kingdom, the British Nigeria Business Network (BNBN), a specialist in Nigeria-UK bilateral trade, has identified renewable energy as a high-potential sector to attract substantial investments.
This declaration comes as both nations seek to deepen their economic ties and embrace sustainable solutions to address energy challenges.
Executive Director of BNBN, Amb. (Dr) Ifeanyi Ubani who stated this in a phone interview on Friday, said the organization conducted an in-depth analysis of Nigeria’s economic landscape, considering factors such as market demand, policy incentives, and technological advancements.
The findings, according to him, pinpointed renewable energy as a sector with immense promise, presenting an attractive opportunity for UK investors seeking to diversify their portfolios.
Nigeria, with its abundant solar, wind, and hydroelectric resources, is poised to become a renewable energy hub in Africa.
“BNBN can support renewable energy in Nigeria by actively seeking and engaging UK investors interested in the sector”, Ubani declared, and went on to enumerate so many ways his organization would do that.
“With appropriate support from His Excellency, President Bola Ahmed Tinubu’s government, BNBN would facilitate connections by organizing events, conferences, and trade missions that bring together British investors and Nigerian renewable energy stakeholders. These platforms can help create networking opportunities and foster collaborations.
“We would providing market intelligence to UK investors about the renewable energy sector in Nigeria. This information can include market trends, regulatory frameworks, potential investment opportunities, and risks.
“BNBN can advocate for policies that support renewable energy in Nigeria and highlight the various incentives available to UK investors in the sector. This can include tax breaks, grants, and other financial incentives”, Ubani assured.
Others offers promised the BNBN boss include matchmaking services; facilitating partnerships; supporting capacity building and promoting success stories.
“By actively engaging UK investors and providing the necessary support, BNBN can play a crucial role in attracting investments to the renewable energy sector in Nigeria, driving its growth, and contributing to sustainable development”, he said.
Amb. Ubani emphasized the favorable investment climate in the renewable energy sector, stating, “Nigeria’s commitment to sustainable energy and the government’s efforts to create an investor-friendly environment make this sector ripe for investment.
“UK investors have historically shown interest in renewable energy projects globally, and BNBN aims to facilitate and expedite their entry into the Nigerian market”, he said.
Collaborative initiatives and partnerships between Nigerian and UK firms are expected to play a pivotal role in the successful execution of renewable energy projects across the nation.
Thus, the identification of renewable energy as a prime sector for attracting UK investors by BNBN showcases the organization’s dedication to fostering mutually beneficial trade relations between Nigeria and the United Kingdom.
BNBN’s collaborative efforts extend beyond their analysis and recommendation as the Executive Director revealed that the organization has partnered the British African Business Alliance (BABA), a leading advocate for UK-Africa trade relations.
“The British African Business Alliance UK under the Chairmanship of Mr. David Smith, have made all the necessary contacts and stakeholders readily available for the job”, he said, stressing that BNBN is wholly Nigerian, non-tribalistic, nonpartisan, and non-religious.
“We are for the British and Nigerian Business community and networks”, he intoned.