The United Nations Development Programme (UNDP) has said that Nigeria loses more than N2 billion annually due to inadequate and unreliable power supply,
UNDP Resident Representative, Elsie Attafuah, stated this during the ‘First National Legislative Conference and Expo on Renewable Energy’ organised by the House of Representatives Committee on Renewable Energy in collaboration with the UNDP under its Parliamentary Development Programme, and held in Lagos.
According to Attafuah, poor electricity has significantly impacted Nigeria’s economy, particularly in the agricultural sector, pointing out that agricultural produce such as yam, fruits, and vegetables are being wasted as a result of poor power supply.
She noted that the situation has also worsened unemployment in the country.
Attafuah, however, expressed happiness that the UNDP’s intervention in the provision of power-generating facilities to farmers in some northern states had already begun to yield positive results, leading to increased participation and profit among farmers.
Also speaking, Speaker of the House of Representatives, Tajudeen Abbas, stated that transitioning to renewable energy was no longer optional for Nigeria.
“This conference marks a crucial step for the House of Representatives to engage in the global response to a critical challenge. We recognise that Nigeria and the global community must embrace a transformative shift towards sustainable energy systems,” Abbas said.
He described the move as essential not only for economic development and energy security, but also for building environmental resilience and ensuring a sustainable future.
Abbas, while citing global trends, said renewable energy was now a cornerstone of development, with 2024 recording 585 gigawatts of additional capacity worldwide, which is 92 per cent of new power generation.
The speaker added that financial investment also mirrored this shift, with $1.7 trillion out of $2.8 trillion in global energy spending in 2023 dedicated to clean energy and related technologies.
“For Nigeria, a country that relies heavily on fossil fuel exports for its earnings, this transition presents both challenges and opportunities,” he said.
Abbas further pointed out that as the global market turns to cleaner alternatives, Nigeria must diversify its economy and attract renewable energy investments to stay relevant and financially stable.
He revealed that the House had passed new tax reform bills removing VAT on renewable energy and compressed natural gas (CNG), as part of measures to attract private investment in clean energy and was working to provide legal support for the federal government’s Renewable Energy and Energy Efficiency Policy adopted in 2015.
“We acknowledge the urgent need to provide more access to clean cooking fuels, as this is crucial for public health and the environment. These initiatives are being developed in close collaboration with stakeholders,” he added.
