National Telescope national telescope newspaper
The House of Representatives Committee on Renewable Energy has convened an investigative hearing to examine the impact of $2 billion in renewable energy investments and grants in Nigeria.
The hearing aims to assess why these investments have not significantly improved the country’s energy security challenges.
In July 2024, President Bola Tinubu announced at the Africa Natural Resource and Energy Investment Summit that Nigeria had attracted over $2 billion in renewable energy investments over the past decade, highlighting the sector as a rapidly growing part of the economy.
He emphasized the need for increased private sector involvement, particularly in the local production of solar panels and batteries to reduce implementation costs and lower electrification barriers.
The investigative hearing is scheduled for November 5 and 6, 2024, following a mandate issued to the Committee on June 6, 2024, to scrutinize the roles of various Ministries, Departments, and Agencies involved in renewable energy investments, procurement, and grants. The probe will cover the period from 2015 to 2024.
Committee Chairman Victor Ogene expressed concern over the lack of noticeable improvements in the renewable energy sector, despite the reported investments.
“The House is alarmed that the dysfunctional electricity generation and supply system continues to exist, undermining the objectives of government investments aimed at enhancing the renewable energy sector,” he stated.
Ogene clarified that the investigation is not intended as a witch-hunt but aims to promote transparency and accountability in the management of public resources.
The inquiry follows the adoption of a motion titled “Need to Investigate Investments in the Renewable Energy Sector and Foreign Grants Received from 2015 Till Date,” sponsored by Okey-Joe Onuakalusi, the representative for Oshodi-Isolo II Federal Constituency in Lagos State.
During the debate, Onuakalusi pointed out that poor electricity generation, transmission, and distribution remain significant obstacles to Nigeria’s industrial and technological progress.
The lawmakers noted that various governments since 2015 have made substantial investments and secured multimillion-dollar foreign grants to establish a sustainable renewable energy supply.
Among the notable initiatives cited were the World Bank’s approval of a $750 million facility in December 2023 aimed at improving electricity access for over 17.5 million Nigerians and the 2020 launch of the $200 million Nigeria Electrification Project, which seeks to provide off-grid energy to over 500,000 individuals across rural communities.
Invited to the hearing are several key agencies, including the Rural Electrification Agency, the Nigerian National Petroleum Company Limited, and the Ministry of Power, among others.
Additional invitees include representatives from the European Union, Union Bank, and various federal ministries involved in energy and development.
