The United Nations Development Programme (UNDP) has disclosed that Nigeria loses an estimated N2 billion every year due to inadequate and unreliable power supply, attributing the losses to poor policy implementation and underinvestment in the energy sector.
Speaking at the First National Legislative Conference and Expo on Renewable Energy in Lagos on Tuesday, UNDP Resident Representative for Nigeria, Mrs. Elsie Ataffuah, described Nigeria’s power situation as a major barrier to economic growth and development. The event was organized by the UNDP in collaboration with the House of Representatives Committee on Renewable Energy.
Ataffuah stressed that Nigeria’s persistent energy crisis stems largely from the failure to effectively implement existing policies. She called for immediate action to address policy gaps and encouraged stronger support for renewable energy initiatives.
Experts at the conference echoed her concerns, urging the government to foster an enabling environment for private sector investment in renewable energy. They warned that high capital costs could discourage investors unless clear, consistent policies and incentives are put in place.
Dr. Nkiruka Madueke, Director-General of the National Council on Climate Change, revealed that 94 million Nigerians still lack access to electricity — a figure she described as alarming. She noted that the country’s energy problems extend beyond generation and distribution to include inefficiencies in the implementation of relevant policies by ministries, departments, and agencies.
Chairman of the House Committee on Renewable Energy, Victor Ogene, said the conference was aimed at uniting stakeholders to accelerate Nigeria’s transition to renewable energy. He emphasized that embracing renewables would reduce dependence on fossil fuels, boost energy availability, and generate employment opportunities for millions.
The conference concluded with calls for urgent reforms, increased investment, and collaboration between public and private sectors to address Nigeria’s power challenges and unlock the potential of renewable energy.
