House of Reps Committee to Investigate $2 Billion Renewable Energy Investments

  • Nigerian House Committee on Renewable Energy will hold a public hearing on November 5th and 6th, 2024, to investigate $2 billion in renewable energy investments.
  • The inquiry seeks to ensure transparency amid concerns about ongoing electricity supply issues despite significant funding.

The House of Representatives Committee on Renewable Energy has called for an investigative public hearing regarding allocating $2 billion in grants and investments for Nigeria’s renewable energy sector. Scheduled for November 5th and 6th, 2024, the hearing follows the House’s mandate to investigate the activities of various Ministries, Departments, and Agencies involved in investment and procurement related to renewable energy since 2015.

Committee Chairman Hon. Victor Afam Victor expressed concerns over the sector’s lack of significant improvements despite attracting over $2 billion in renewable energy investments, as the Rural Electrification Agency reported in 2023. He noted that ongoing issues with electricity generation and supply contradict the intended objectives of these investments, prompting the decision to scrutinise the integrity of the procurement and execution processes.

Hon. Ogene emphasised that the investigation aims to promote transparency and accountability, not to target individuals. He also acknowledged the contributions of the European Union and other donor agencies in providing insights and information to the committee.

This investigation follows a motion titled “Need to Investigate Investments in Renewable Energy Sector and Foreign Grants received from 2015 till date,” sponsored by Okey-Joe Onuakalusi, the representative for Oshodi-Isolo II Federal Constituency in Lagos State. Lawmakers underscored the critical nature of electricity generation, transmission, and distribution to Nigeria’s industrial and technological development.

The committee highlighted that successive governments have made significant investments and attracted substantial foreign grants to establish a viable renewable energy supply since 2015. Notably, in December 2023, the World Bank approved a $750 million facility to enhance renewable energy access for over 17.5 million Nigerians, while the 2020 Nigeria Electrification Project, funded by the African Development Bank, aimed to provide off-grid energy to 500,000 people in rural communities.

Stakeholders invited to the hearing include the Rural Electrification Agency, Nigeria National Petroleum Company, Nigeria Content Development and Monitoring Board, and several federal ministries. The committee seeks to comprehensively examine how public resources have been managed in the renewable energy sector.

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