The House of Representatives Committee on Renewable Energy summoned key stakeholders for an investigative hearing regarding the management and impact of $2 billion in renewable energy investments and grants in Nigeria.
The hearing, set for November 5 and 6, 2024, aims to assess why the significant investments have not adequately addressed the country’s energy security issues.
The Committee’s decision follows President Bola Tinubu’s announcement at the Africa Natural Resource and Energy Investment Summit in July 2024, where he highlighted that Nigeria had secured over $2 billion in renewable energy investments over the past decade.
The President emphasized that these funds were intended to boost local production, such as manufacturing solar panels and batteries, thereby reducing costs and improving electrification.
“Our commitment is to continue on this path and attract more private sector involvement in the renewable energy space,” he said.
In a statement on Sunday, Committee Chairman Victor Ogene noted that the House was alarmed by the lack of visible progress in renewable energy development, despite substantial investment.
Citing data from the Rural Electrification Agency in 2023, Ogene stated, “Despite the government attracting over $2 billion in renewable energy investments, there has been no noticeable improvement in the sector.”
The Committee aims to ensure accountability in the management of funds intended for enhancing Nigeria’s energy infrastructure.
The Committee’s mandate, issued on June 6, 2024, allows it to investigate Ministries, Departments, and Agencies (MDAs) involved in renewable energy investments and procurement from 2015 to 2024.
Agencies invited to the hearing include the Rural Electrification Agency, Nigerian National Petroleum Company Limited, Nigerian Content Development and Monitoring Board, Nigerian Sovereign Investment Authority, and the Ministry of Petroleum Resources, among others.
The House’s resolution to investigate was driven by a motion titled “Need to Investigate Investments in the Renewable Energy Sector and Foreign Grants Received from 2015 Till Date,” sponsored by Representative Okey-Joe Onuakalusi of Oshodi-Isolo II Federal Constituency.
Leading the motion, Onuakalusi highlighted that poor electricity generation, transmission, and distribution severely threaten Nigeria’s industrial and technological ambitions.
The Committee aims to scrutinize the effectiveness and integrity of the projects undertaken.
In addition, the investigation will review notable projects, including a $750 million World Bank initiative launched in December 2023 to expand electricity access for 17.5 million Nigerians and the $200 million Nigeria Electrification Project from 2020, which was funded by the African Development Bank to provide off-grid energy to over 500,000 people in rural areas.
Ogene clarified that the probe is not intended as a witch-hunt but as an exercise to promote transparency and deter potential mismanagement.
