NIGERIA LOSES MORE THAN 2BN EACH YEAR DUE TO POOR POWER SUPPLY – UNDP
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According to the United Nations Development Programme, Nigeria loses about N2 billion a year as a result of its unstable and insufficient power supply.
This was said on Monday by UNDP Resident Representative Elsie Attafuah at the “First National Legislative Conference and Expo on Renewable Energy,” which took place in Lagos.
The House of Representatives Committee on Renewable Energy, working with the UNDP as part of its Parliamentary Development Program, organized the event.
Attafuah lamented that poor electricity has significantly impacted Nigeria’s economy, particularly in the agricultural sector. “Agricultural produce such as yam, fruits, and vegetables are being wasted as a result of poor power supply,” she added.
She claims that the circumstances have also made the nation’s unemployment rate worse. She pointed out that the UNDP’s assistance in giving farmers in a few northern states access to power-generating facilities has already started to pay off, increasing farmer engagement and profitability.
Tajudeen Abbas, the Speaker of the House of Representatives, who attended the conference, emphasized that Nigeria could no longer afford to delay its shift to renewable energy.
“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.
In addition to energy security and economic growth, he said the action is crucial for fostering environmental resilience and guaranteeing a sustainable future.
Citing global trends, Abbas said renewable energy was now a cornerstone of development, with 2024 recording 585 gigawatts of additional capacity worldwide—92 per cent of new power generation. He 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.
He explained 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.
Abbas also 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. Additionally, the House is working to provide legal support for the federal government’s Renewable Energy and Energy Efficiency Policy adopted in 2015.
He added, “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.”
In his remarks, the Chairman, House Committee on Renewable Energy, Victor Ogene, said the conference was convened to help Nigeria reduce its dependence on fossil fuels and boost industrial growth through clean energy. Ogene, who represents Ogbaru Federal Constituency, stressed that renewable energy is key to creating employment and sustainable development.
Government officials from Abia, Enugu, and Osun State also spoke, emphasizing the necessity of expanding energy access and creating a dependable, sustainable power infrastructure in the nation.
INCLUDE Knowledge Platform Executive Director Anika Altaf, Abia State Commissioner for Power and Utilities Ikechukwu Monday, Enugu State Special Adviser on Energy, Oil, and Gas Chief Kingsley Nnaji, Osun State Climate Change Consultant Prof. Chinwe Ogbuagu, and First Deputy Speaker of Ghana’s Parliament Prof. Benard Afliator (speaking on behalf of Speaker Alban Bagbin) were among the other prominent speakers at the event.
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