- Lawmakers seek to establish a Renewable Energy Fund to support local developers and clean energy projects.
- The initiative aims to boost local manufacturing, job creation, and Nigeria’s position in West Africa’s energy market.
Nigeria’s House of Representatives has called for the creation of a Renewable Energy Fund Nigeria to advance clean energy projects nationwide. The proposal aims to fast-track renewable energy growth while strengthening local capacity for sustainable development.
At the Nigeria Renewable Energy Innovation Forum (NREIF) in Abuja, Speaker Tajudeen Abbas, represented by Shina Oyedeji, Deputy Chairman of the House Committee on Ecological Fund, emphasised the urgent need for the fund. He said the Renewable Energy Fund Nigeria would help developers overcome the severe financing barriers that slow project delivery.
According to him, most renewable developers face high interest rates and short loan periods. Moreover, they struggle to access affordable equity financing, which limits project expansion. Consequently, clean energy development in rural and urban areas remains slow and uneven.
To tackle this, Abbas proposed innovative financing instruments. These include green bonds, credit guarantees, and concessional loans blended with private capital. He said such measures would attract investors into last-mile electrification, local manufacturing, and renewable innovation.
He assured stakeholders that the National Assembly would provide legislative support to ensure the fund’s success and guarantee continuous financial flows into clean energy development across the country.
Abbas also urged Nigeria to transition from a major renewable importer to a clean energy producer and exporter. He explained that local manufacturing would conserve foreign exchange and create thousands of jobs. These roles would range from assembly and installation to logistics and after-sales services.
In addition, he stated that the National Assembly would work with the Executive to offer fiscal incentives and research grants. Such policies, he added, will help companies establish renewable energy production facilities in Nigeria. As a result, the country could become a leading clean energy hub in West Africa.
At the same event, Adedayo Olowoniyi, Chief Technical Assistant to the Minister of Power, Adebayo Adelabu, underscored the importance of localisation. He argued that foreign loans for the power sector must generate jobs and support local industry instead of increasing import dependence.
Olowoniyi further noted that energy access should drive industrialisation and economic growth. He added that although not every component must be locally produced, energy investment must always promote job creation.
Similarly, he highlighted that countries such as India and China improved energy access through local industry development. Therefore, Nigeria must adopt a similar approach to secure energy stability and foster inclusive economic progress.
With sustained collaboration between government, investors, and industry stakeholders, Nigeria can achieve lasting energy independence. Thus, through innovation, policy support, and commitment, the nation can build a greener and more resilient economy powered by renewable energy.