Obasanjo advocates renewable energy, says it’s possible to make profit — and save the planet

Former President Olusegun Obasanjo says Nigerians need to adopt renewable energy because it is cheap, environment-friendly and can help generate profit.

He said this on Friday at the inauguration of the 2MW solar power project for the Olusegun Obasanjo Presidential Library in Abeokuta, Ogun state.

Recently, Nigerians raised the alarm over the federal government’s plan to remove fuel subsidies by 2022.

Obasanjo is of the opinion that renewable energy is the viable alternative and by investing in it and reducing emissions, Nigeria can earn profits from carbon credits.

He said the Nigerian government needs to commit to generating power from renewable energy and clean carbon-free sources.

“Today, I am speaking to you in a facility powered by the sun – solar energy. It is the way of a future (Jimmy) Carter envisioned all those years ago. It will help build the future we want,” he said. 

“The Olusegun Obasanjo Presidential Library solar power project is a reflection of our commitment to clean and renewable energy and is the single largest investment this not-for-profit organization has made.

“As large an investment as it is, it is remarkably cost-effective. It costs less than two and half years supply of diesel to power our generators. So in diesel terms, it pays for itself in less than three years. So in effect, the electricity it produces after three years is almost at no cost.

“In addition, because it is not emitting any greenhouse gases that diesel generators do, it has the potential to earn carbon credits which are currently priced at US$ 40/ton. Based on the estimated annual production of 2,307,000 kilowatt hours per year, we can expect to earn nearly US$39,589 in carbon credits per year.

“Combined, this solar facility can generate electricity, generate revenues that contribute to the upkeep of the library, help save the planet by making a small contribution to climate mitigation and adaptation, provide shade for parking, and be an inspiration for future generations. Who says you can’t make a profit out of saving the planet?

“We hope that by committing to consume renewable energy we inspire others to follow and still inform others to do their bit for the environment. Our great nation also needs to commit to producing our electricity from renewable energy and truly clean carbon-free sources. This goal is achievable, affordable and transformative. It represents a challenge to all Nigerians – in every walk of life, to our political leaders, entrepreneurs, innovators, engineers, and to every citizen.”