By Anthony Okafor
Indian Chamber of Commerce, ICC, has said that the Indian utility vendors and services are set to export electricity to Nigeria.
The Director General and Chief Executive Officer, ICC, Rajeev Singh, who made this known in an interview with Newsbeats, added that it has concluded plans to host Future Energy Nigeria 2019 in Lagos next month.
According to him, 50 suppliers of specialised technology and services globally for the energy sector would exhibit at the event.
He said: “Our exporters have forged good alliances and they are exporting to Nigeria in decent quantum through participation in this program.
“We have observed that there is a tremendous potential for Indian products in this market and we should continue to create more opportunity for Indian companies to cater to Nigerian ecosystem.
“Indian utility vendor and services will find a huge market and scope in Africa especially West Africa in energy sector. With the latest World Bank loan, Nigeria is upgrading its T & D infra and solar projects, so, this has brought a good interest to the Indian Utility Vendors and market.
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Speaking further he explained that, “Energy is one of the major drivers of a growing economy like India and Nigeria. I believe that Nigerians can follow the same as given India’s vibrant entrepreneurial culture; history of technology innovation and the vast domestic market, the country is ideally positioned to capitalize on the advantages that renewable energy has to offer.
“Although renewable energy technologies currently represent a fraction of the energy market in India, they have tremendous potential to undergo rapid growth and provide alternative solution to fossil fuels.
“Energy is one of the major drivers of a growing economy like India and is an essential building block of economic development. There is a strong two-way relationship between economic development and energy consumption.
“On one hand, growth of an economy, with its global competitiveness, hinges on the availability of cost-effective and environmentally benign energy sources, and on the other hand, the level of economic development has been observed to be reliant on the energy demand.”