Nigeria: Growing focus on renewables

A Lagos-based energy and natural resources lawyer told African Energy immediate action was needed to save the sector. “The bubble of debt will keep growing until eventually it bursts, which will likely result in companies going bust and the whole power market collapsing. The only way out is for the discos and gencos to raise money through sales of equity – which they are very reluctant to do – or for the government to come to the rescue and bail out the sector. The sector is a ticking time bomb and there isn’t long left until we reach a crunch point.”