Nigeria loses over N2 billion every year due to poor power supply, a significant economic setback that has continued to affect various sectors, particularly agriculture. The revelation was made by the United Nations Development Programme (UNDP) Resident Representative, Elsie Attafuah, during the ‘First National Legislative Conference and Expo on Renewable Energy’ held in Lagos on Monday.
Attafuah, speaking at the conference, highlighted the widespread impact of Nigeria’s unreliable electricity supply, noting that it has not only hindered economic growth but also worsened unemployment across the country. “Agricultural produce such as yam, fruits, and vegetables are being wasted as a result of poor power supply,” she said. This issue has left many farmers in northern Nigeria struggling to store their produce, leading to losses and missed opportunities in local and export markets.
The UNDP has taken steps to address the problem, particularly in the northern states, by providing power-generating facilities to farmers. According to Attafuah, this initiative is already showing positive results, helping farmers increase their profits and expand participation in agricultural activities.
The conference also witnessed the presence of several key Nigerian lawmakers, including the Speaker of the House of Representatives, Tajudeen Abbas. He stressed that transitioning to renewable energy is no longer optional for Nigeria, but a critical necessity. He emphasized that this shift is essential not just for economic development, but also for ensuring energy security, building environmental resilience, and securing a sustainable future for the country.
Abbas cited global trends in renewable energy, noting that in 2024, 585 gigawatts of additional renewable energy capacity were installed worldwide. This represents 92 percent of all new power generation, with investments amounting to \$1.7 trillion out of a total \$2.8 trillion in global energy spending in 2023. “For Nigeria, a country heavily reliant on fossil fuel exports, the transition presents both challenges and opportunities,” Abbas remarked.
The Speaker explained that as the world turns to cleaner energy, Nigeria must diversify its economy and attract investments in renewable energy to remain financially relevant and stable. He also mentioned that the House of Representatives had passed new tax reforms to promote renewable energy, including removing VAT on renewable energy products and compressed natural gas (CNG).
Furthermore, the House is working to ensure legal support for the federal government’s Renewable Energy and Energy Efficiency Policy, which was adopted in 2015. This includes improving access to clean cooking fuels, which is vital for public health and the environment.
Victor Ogene, Chairman of the House Committee on Renewable Energy and one of the key speakers at the event, also emphasized that the conference was a pivotal step toward reducing Nigeria’s reliance on fossil fuels and boosting industrial growth through clean energy. Ogene, who represents Ogbaru Federal Constituency, stressed the importance of renewable energy in creating jobs and driving sustainable development in the country.
Representatives from the governments of Abia, Enugu, and Osun states also highlighted the urgent need for reliable, sustainable power infrastructure. These state officials stressed that without a dependable electricity supply, Nigeria’s industrial sector would continue to struggle, limiting the country’s potential for development and job creation.
In addition to Nigerian speakers, the event also featured prominent international voices. Among them was the First Deputy Speaker of Ghana’s Parliament, Prof. Benard Afliator, who spoke on the importance of regional cooperation in tackling the energy crisis. Other notable speakers included Anika Altaf, Executive Director of INCLUDE Knowledge Platform, and officials from Abia, Enugu, and Osun states, all of whom underscored the need for collaborative efforts to build a resilient and reliable energy system for Nigeria’s future.
The event highlighted the growing urgency for Nigeria to embrace renewable energy as a means to address its chronic power issues. With a rapidly changing global energy landscape, the conference served as a timely reminder that the country’s future economic stability depends on its ability to transition from fossil fuels to sustainable energy sources.
