House of Representatives to Investigate $2 Billion Renewable Energy Investments

House of Representatives to Investigate $2 Billion Renewable Energy Investments

The House of Representatives is poised to commence an investigative hearing on November 5 and 6, 2024, focused on over $2 billion in renewable energy grants and investments aimed at enhancing Nigeria’s renewable energy sector between 2015 and 2024.

This initiative follows a resolution passed on June 6, 2024, to scrutinise the activities of relevant Ministries, Departments, and Agencies (MDAs) regarding these financial allocations.

Chairman of the House Committee on Renewable Energy, Hon. Victor Ogene, has raised concerns about the lack of significant progress in Nigeria’s energy security, despite the influx of funding aimed at improving electricity generation and supply.

He stated that the ongoing issues within the sector undermine the purpose of the investments and grants designed to drive development.

Hon. Ogene clarified that the investigation is not a witch hunt but rather an effort to ensure transparency and accountability in the management of public funds.

He expressed gratitude for the cooperation of the European Union and other donor agencies in providing crucial information to the Committee.

In Lagos State, Okey-Joe Onuakalusi, a representative from the Oshodi-Isolo II Federal Constituency, sponsored a motion that established the resolution for this investigation.

Onuakalusi pointed out the significant challenges posed by inadequate electricity generation, transmission, and distribution, which hinder Nigeria’s industrial and technological growth.

Lawmakers have also highlighted previous substantial investments and grants aimed at establishing a sustainable energy supply.

A $750 million facility approved by the World Bank in December 2023 will improve access to renewable energy for over 17.5 million Nigerians.

Another is the $200 million Nigeria Electrification Project (NEP), which was started in 2020 and intends to give more than 500,000 people in 105,000 rural households off-grid energy options.

Representatives from important organisations, including the Federal Ministry of Power, Nigeria National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, and the Rural Electrification Agency, will be present at the next hearing.

An important first step in evaluating the success of previous investments in Nigeria’s renewable energy sector and tackling the country’s persistent energy-related issues is this investigation.