Kehinde Akintola, Author at Tribune Online

The Speaker of the House of Representatives, Hon. Abbas Tajudeen, on Monday expressed optimism that Nigeria is assuming a continental leadership role in the race to electrify Africa, with a bold target to help provide electricity to 300 million Africans by the year 2030. The Speaker made this statement in Lagos State while declaring open the First Legislative Conference and Expo on Renewable Energy in Nigeria, organised by the House Committee on Renewable Energy in collaboration with the United Nations Development Programme (UNDP). Speaker Abbas, who noted that Nigeria has no option but to adopt renewable energy as one of the ways to diversify the country’s economy, maintained that "it holds substantial implications for national policy agendas." He said, "The transition to renewable energy is not just an economic necessity; it holds substantial implications for national policy agendas. Renewable energy has become central to initiatives aimed at fostering inclusive economic growth, climate adaptation, and industrial innovation. Countries that have embraced this change have decreased their vulnerability to global fuel price fluctuations, improved energy access, and positioned themselves as leaders in the low-carbon economy." The Speaker added that renewable energy "is no longer a niche concern but a cornerstone of global development policy. In 2024, renewable energy additions reached five hundred eighty-five gigawatts, accounting for over ninety-two per cent of new power generation capacity worldwide. "The total installed capacity for renewable energy now exceeds 4,448 Gigawatts, marking a 15 percent year-on-year increase. This expansion, led by solar and wind technologies, underscores their cost-effectiveness and scalability. "Financial flows toward clean energy reinforce this trend. In 2023, of the estimated global energy investment of $2.8 trillion, 1.7 trillion was committed to renewable energy, energy efficiency, and electric mobility. This shift in capital allocation signifies a structural reorientation of the global energy economy, where more sustainable alternatives are increasingly displacing fossil fuels. "For Nigeria, a country that relies heavily on fossil fuel exports for its earnings, this transition presents both challenges and opportunities. As the global market shifts toward cleaner energy, countries like Nigeria will have no choice but to diversify their economy to maintain their financial stability while seeking investments in renewable energy sources to align with global trends." To make headway, the Speaker added that robust legislation and oversight were vital in supporting any national effort to adopt and promote renewable energy. "For instance, Egypt's Renewable Energy Law, enacted in 2014, has spurred investments in solar and wind power. Meanwhile, the European Union's Renewable Energy Directive establishes binding national targets and promotes harmonised planning. In Germany, early legislation like the Renewable Energy Sources Act paved the way for decentralised energy generation and garnered widespread support." Speaker Abbas reiterated Nigeria's commitment to global energy reform, as demonstrated in the Legislative Agenda of the 10th House, which prioritises energy reform. "Specifically, Strategic Objective 8.5 of our Agenda aims to promote the transition to renewable energy while enhancing clean energy production and access. To achieve this, we are enacting laws that encourage private investment in renewable energy, including offering tax incentives and targeted financing. "Just a few weeks ago, the House of Representatives passed new tax reform bills that eliminate VAT on renewable energy and compressed natural gas (CNG), among other measures. We are also working to provide legal backing for the government’s Renewable Energy and Energy Efficiency Policy adopted in 2015, which seeks to boost the use of renewable energy, improve energy efficiency, and significantly reduce greenhouse gas emissions. "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, and the House Committee on Renewable Energy is coordinating legislative priorities in this area." The Speaker added that President Bola Ahmed Tinubu’s administration’s policy commitments are notable, with the passage of the Electricity Act of 2023, which devolves power over the electricity sector to sub-national governments and ends the Federal Government’s exclusive control. "As a result, we expect new opportunities for local energy solutions and private sector involvement to emerge. "The administration has also committed significant funding. In December 2024 alone, the President approved a $1 billion financing initiative for the Rural Electrification Agency. Of this amount, $750 million has been allocated to expand solar energy access in underserved areas. As a result, this initiative has led to the deployment of 124 mini-grids and over 25,000 solar home systems, benefiting more than 200,000 people." In his remarks, Chairman of the House Committee on Renewable Energy, Hon. Victor Afam Ogene, said that renewable energy, as an emerging sector in Nigeria, "has garnered significant attention from the government as a key solution to our electricity power supply issues, and deliberate steps are being taken to harness its potential." He added that the growing consensus on achieving greater energy security and sustainability requires deliberate action to chart a new pathway in reducing Nigeria's reliance on fossil fuels as a primary source of energy. "While we still grapple with finding the right balance between both, it is also important to point out that, paradoxically, we are yet to achieve meaningful energy sufficiency, even with our current focus on fossil fuel-based energy." In a presentation, the UNDP Resident Representative, Elsie Attafuah, highlighted the importance of energy to Nigeria's future, noting that it has "evolved into national security, economic power, and geopolitical leverage tool and instrument." She added that, "Energy is the foundation for Nigeria's economic diversification. Without it, neither industrial transformation nor acceleration is possible," further noting that Nigeria possesses massive potential for energy transition and global power. ALSO READ FROM NIGERIAN TRIBUNE