Successive governments have come up with numerous failed plans of meeting the energy needs of its 150 million + citizens. Plans that failed woefully while swallowing billions of dollars in wasted investment. The question is what's the solution to Nigeria's energy crisis? The only viable option is alternative energy.
Nigeria has invested heavily in generating energy from fossil fuels. Oil and gas turbines which haven't been largely efficient owing to the incessant cuts in gas supplies from its gas field.
The country has been utilizing its waters in generating hydroelectric power even before independence. Which I must say haven't been harness optimally. The major dam in the country, the Kainji dam is operating at less than half its installed capacity.
The thermal stations in the southeastern part of the country has been out of use. These are the online source of power to the most populous black nation which isn't even up to 30% of its need.
The country now needs to turn its attention to alternative energy sources. The strong winds of the Jos plateau can be harnessed to provide enough energy for the middle belt region of the country. The cost of installing windmills is also pocket friendly.
The scorching tropical sun can be harnessed by establishing solar farms in different parts of the country.
Nigeria is the world's highest producer of cassava. Cassava which it uses as food and flour. The rest is exported to other countries. Cassava can be utilized in the production of biofuel which I believe will be of great benefit to the country.
Alternative energy stock portfolios are a great part of a modern investor's financial plan, due to the fact that there is so much upward potential. These make excellent long term growth investment vehicles, and the money put into them by investors, serves to further the cause of implementing the alternative energy power sources that we need as we sail into the 21st century and beyond.
Analysts predict that by 2013, the alternative energy industry will be a $13 billion dollar industry in today's dollars. This figure bespeaks an enormous return on investment. And Nigeria is a perfect investment destination. People are fed up with the rising costs of gasoline—while this alone is not sufficient understanding of the need for developing alternative energy sources, it is a factor which can act as a market maker.