The figures were revealed by the managing director of Nigeria’s Bank of Industry (BOI), Evelyn Oputu. Globally, investments in alternative energy rose from $33 billion in 2004 to $211 billion in 2011.
Experts believe Africa will continue to invest in alternative energy and reach $57 billion by 2020. Wind, solar and geothermal energy will be the main alternative energy types in the region, according to a Frost & Sullivan report on economic trends in the continent.
The report says Africa could benefit from the fact that it is not locked into the “inefficient, oft-polluting infrastructure of many Western countriesâ€; therefore, it could build a fresh, renewable energy network.
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