Nigeria loses more than N2 billion annually due to inadequate and unreliable power supply, the United Nations Development Programme has said.

The UNDP Resident Representative, Elsie Attafuah, stated this on Monday during the ?First National Legislative Conference and Expo on Renewable Energy? held in Lagos.

The event was organised by the House of Representatives Committee on Renewable Energy in collaboration with the UNDP under its Parliamentary Development Programme.

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.

According to her, the situation has also worsened unemployment in the country. She noted that the UNDP?s intervention in the provision of power-generating facilities to farmers in some northern states has already begun to yield positive results, leading to increased participation and profit among farmers.

The Speaker of the House of Representatives, Tajudeen Abbas, who was also present at the conference, emphasised 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.

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.

Also speaking, representatives from the Abia, Enugu, and Osun State governments highlighted the need to improve energy access and develop a reliable, sustainable power infrastructure in the country.

Other key speakers at the event included the First Deputy Speaker of Ghana?s Parliament, Prof. Benard Afliator (representing the Speaker, Alban Bagbin); Executive Director of INCLUDE Knowledge Platform, Anika Altaf; Abia State Commissioner for Power and Utilities, Ikechukwu Monday; Enugu State Special Adviser on Energy, Oil and Gas, Chief Kingsley Nnaji; and Osun State Climate Change Consultant, Prof. Chinwe Ogbuagu. (The PUNCH)

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