HOW SOLAREX PROJECT WILL ENSURE ECONOMIC DEVELOPMENT

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Access to clean modern energy services is an enormous challenge facing the African continent because energy is fundamental for socioeconomic development and poverty eradication. Today, 60% to 70% of the Nigerian population does not have access to electricity. There is no doubt that the present power crisis afflicting Nigeria will persist unless the government diversifies the energy sources in domestic, commercial, and industrial sectors and adopts new available technologies to reduce energy wastages and to save cost.

Energy plays the most vital role in the economic growth, progress, and development, as well as poverty eradication and security of any nation. Uninterrupted energy supply is a vital issue for all countries today. Future economic growth crucially depends on the long-term availability of energy from sources that are affordable, accessible, and environmentally friendly. Security, climate change, and public health are closely interrelated with energy. Energy is an important factor in all the sectors of any country's economy. The standard of living of a given country can be directly related to the per capita energy consumption. The recent world's energy crisis is due to two reasons: the rapid population growth and the increase in the living standard of whole societies. The per capita energy consumption is a measure of the per capita income as well as a measure of the prosperity of a nation.

The energy crisis, which has engulfed Nigeria for almost two decades, has been enormous and has largely contributed to the incidence of poverty by paralyzing industrial and commercial activities during this period. The Council for Renewable Energy of Nigeria estimates that power outages brought about a loss of 126 billion naira (US$ 984.38 million) annually. Apart from the huge income loss, it has also resulted in health hazards due to the exposure to carbon emissions caused by constant use of ‘backyard generators’ in different households and business enterprises, unemployment, and high cost of living leading to a deterioration of living conditions.

The essence of the Solarex Energy Solution is to create clean and cheap energy for local consumption. The goal is not to feed energy generated within Solarex into the existing grid. The deployment of generated energy which is reta ined locally will greatly boost the local economy. The Solarex “Powering Africa Project” will directly support local clean and sustainable energy usage that will ultimately provide human resources to be directly engaged within the Solarex project planning, operations, designs and implementation of Solarex Prototypes within the continent.

Investment in solarex technology can improve energy access, create jobs, increase income, improve trade balance and contribute to industrial development. The socio-economic benefits of solar are astounding and its’ impact can be maximized with sound macro-level policies.

• Solar energy will not just be a step towards powering the future but will also be a step towards ‘creating jobs’ in the operations, maintenance and manufacturing sectors . According to the International Renewable Energy Agency (IRENA), the renewable energy job market is booming and is predicted to grow by 24 million jobs by 2030. More so, the IRENA has also predicted that doubling the renewable energy portion in the global energy mix can increase the world’s GDP by $1.3tn. Therefore, a steady switch from the mechanized and capital-intensive fossil fuel technologies to the labor intensive solar industry is the next step to creating more jobs.

• By eventually reducing our fuel imports, we can improve our trade balance and improve our GDP, as we will no longer be spending huge sums of our foreign exchange reserves. More so, we can be a ‘green economy’ beneficiary by encouraging domestic and foreign investments which can enable manufacturing and boost our services sector.

• Lengthy load shedding and power cuts lasting more than 12 hours has caused a huge decline in production. Moreover, reliance on diesel generators and other energy sources are an additional cost that has to be borne. Hence, by going solar, we can easily overcome this energy crisis and work actively towards its industrial development and growth.

• our current dependency on fossil-fuel based power plants is putting us in a compromising situation. Carbon emissions, floods, droughts, heatwaves are just few of the environmental and climate issues we are currently facing. According to the Long-Term Climate Risk-Index (CRI) , Pakistan is ranked 7 with a death toll of 523.1 lives per year due to extreme weather events.

• In conclusion, there is no denying that the environmental benefits of going solar are great however, in Pakistan’s case it is the potential economic change that makes solar so lucrative. Solar energy, can be the stimulus for our economic growth and development. Our present energy situation can easily be tackled and we can set ourselves on the road to a reliable and sustainable energy infrastructure.

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