UNDP Says Nigeria Loses Over N2bn Yearly To Poor Power Supply 

(AFRICAN EXAMINER) – Nigeria loses more than N2 billion yearly because of poor power supply, the United Nations Development Programme announced.

The UNDP Resident Representative, Elsie Attafuah, made this known on Monday in the “First National Legislative Conference and Expo on Renewable Energy’ done in Lagos.

The event was organised by the House of Representatives Committee on Renewable Energy alongside with the UNDP under its Parliamentary Development Programme.

Attafuah frowned that the poor electricity has greatly affected Nigeria’s economy, especially in the agricultural sector. “Agricultural produce such as yam, fruits, and vegetables are being wasted as a result of poor power supply,” she added.

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According to her, the situation has also caused unemployment in the country. She noted that the UNDP’s intervention in the provision of power-generating facilities to farmers in some northern states has already begun to yield positive results, leading to increased participation and profit among farmers.

The Speaker of the House of Representatives, Tajudeen Abbas, who was also present at the meeting harped that transitioning to renewable energy was no longer optional for Nigeria.

“This conference marks a crucial step for the House of Representatives to engage in the global response to a critical challenge. We recognise that Nigeria and the global community must embrace a transformative shift towards sustainable energy systems,” Abbas said.

He also described the move as necessary not only for economic development and energy security, but also for building environmental resilience and ensuring a sustainable future.

Citing global trends, Abbas said that renewable energy was now the main thing in development, with 2024 recording 585 gigawatts of additional capacity worldwide—92 per cent of new power generation. He also disclosed that the financial investment also showcases this shift, with $1.7 trillion out of $2.8 trillion in global energy spending in 2023 dedicated to clean energy and related technologies.

“For Nigeria, a country that relies heavily on fossil fuel exports for its earnings, this transition presents both challenges and opportunities,” he said.

According to Abass, since the global market wants to turns to cleaner alternatives, Nigeria must diversify its economy and attract renewable energy investments to stay relevant and financially stable.

Abbas also stated that the House had passed new tax reform bills removing VAT on renewable energy and also compressed natural gas (CNG), as part of plans to attract private investment in clean energy.

He added:  “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.”

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