Education
Energy storage firms seek investment protection, local capacity building in Nigeria – EnviroNews
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Energy storage companies seeking to expand into Nigeria have called for stronger policy support, investment protection and local capacity building to encourage long-term investment in the country’s renewable energy market.
Timmy Shi, Director, Africa, Energy Storage Centre, said policy and regulatory certainty would be critical to attracting more international companies into Nigeria’s growing energy storage and renewable energy market.
Shi said the high cost of capital in Nigeria could discourage foreign investors despite the country’s growing demand for solar power and energy storage solutions.
She said investors needed greater assurance that capital committed to the Nigerian market would be protected and that businesses would be able to operate under predictable regulatory conditions.
According to her, lower-cost financing available in some international markets could support investment in Nigeria, but concerns about market risks and the ability of investors to recover their capital could limit the entry of new companies.
Shi also called for greater localisation of the energy storage industry, saying international companies should contribute to the development of local capacity rather than relying solely on imported products and expertise.
She said this should include investment in local manufacturing and partnerships with Nigerian companies, as well as the development of technical skills needed to support the growing industry.
Shi said energy storage manufacturers also had a responsibility to provide quality products, after-sales services and technical education as they expand into new markets.
She identified education as an important part of developing Nigeria’s energy storage ecosystem, particularly through training for young people, installers and other participants in the renewable energy market.
According to her, educating local stakeholders would improve their understanding of energy storage technology and developments in the global market while creating a stronger technical base for the industry in Nigeria.
Shi said differences in language, culture, market conditions and business practices could create challenges for international companies entering new markets, making stronger communication with local stakeholders important.
She said a better understanding of Nigeria’s market conditions would enable international manufacturers to provide products and services that are more suited to local needs.
The energy storage executive also said the increasing dependence on solar power was creating greater demand for storage systems that could improve the reliability of renewable electricity.
She said Nigeria’s electricity challenges meant the country could not rely solely on the expansion of the national grid, creating opportunities for decentralised renewable energy and storage solutions.
Shi said the growing market had attracted new players, making it important for companies to understand the specific needs and conditions of the Nigerian market rather than simply bringing products into the country.
She also advocated stronger collaboration between the Nigerian government and international energy companies to create an environment capable of supporting long-term investment in the sector.
Shi said government support should extend beyond attracting foreign companies to facilitating the development of domestic manufacturing and technical capacity.
She cited investments in Nigerian solar panel companies as an example of how international participation could contribute to the development of local industry.
Shi said stronger cooperation between Nigeria and Chinese manufacturers could support the establishment of factories and other energy technology businesses in the country, provided the investment environment remained sufficiently attractive and predictable.
She said the combination of quality products, technical services, education, local capacity building and supportive government policies would be important to developing a sustainable energy storage industry in Nigeria.
She spoke at the NAEC conference in a panel discussion session.
