Nigeria suffers an annual loss exceeding N2 billion due to poor and unreliable electricity, the United Nations Development Programme (UNDP) revealed at the ‘First National Legislative Conference and Expo on Renewable Energy’ in Lagos on Monday.
UNDP Resident Representative Elsie Attafuah highlighted the adverse effects on agriculture, stating, “Agricultural produce such as yam, fruits, and vegetables are being wasted as a result of poor power supply.” She also noted that the power shortage has contributed to rising unemployment but praised UNDP’s initiatives to provide power-generating equipment to farmers in northern states, which have started to improve productivity and profitability.
House Speaker Tajudeen Abbas emphasized the necessity of embracing renewable energy, saying, “This conference marks a crucial step for the House of Representatives to engage in the global response to a critical challenge.” He described the transition as essential for economic development, energy security, environmental resilience, and sustainability.
Abbas cited global statistics showing that renewable energy accounted for 92% of new power generation capacity in 2024, with $1.7 trillion invested in clean energy technologies. He acknowledged Nigeria’s reliance on fossil fuel exports but urged diversification and investment in renewables.
The House has passed tax reform bills removing VAT on renewable energy and compressed natural gas to attract private investment. Abbas also noted ongoing legislative support for the Renewable Energy and Energy Efficiency Policy and efforts to expand access to clean cooking fuels.
Victor Ogene, Chairman of the House Committee on Renewable Energy, stressed that the conference aims to reduce fossil fuel dependence and promote industrial growth through clean energy, which is crucial for job creation and sustainable development.
Representatives from Abia, Enugu, and Osun states called for improved energy access and robust infrastructure. The conference featured prominent speakers from Ghana and Nigerian energy sectors.
