IKEJA/Nigeria: The Renewable Energy and Energy Efficiency Associations Alliance (REEEA-A) has adopted a 12-point action plan aimed at removing some of the major obstacles confronting investment and project development in Nigeria’s clean-energy sector.
The resolutions were reached at the end of the alliance’s fifth International Investment and Partnership Conference, held at the Marriott Hotel, Ikeja, Lagos, where stakeholders examined ways to move the country’s clean-energy transition from policy commitments to projects capable of attracting financing and delivering measurable results.
The two-day conference, themed “Accelerating Collective Action and Strategic Partnerships for Equitable Clean Energy Access,” brought together policymakers, representatives of state governments, development-finance institutions, international development organisations, commercial banks, energy developers and professional associations.
Participants identified policy certainty, access to affordable finance, technical standards, market development and human-capital expansion as some of the critical areas requiring attention if Nigeria is to significantly increase access to clean and reliable energy.
They noted that electricity available through the national grid remained inadequate for a population of more than 220 million people, leaving businesses and households, particularly in major commercial centres such as Lagos, heavily dependent on diesel and petrol generators.
The stakeholders consequently described decentralised energy solutions as both an urgent response to Nigeria’s electricity deficit and a potentially significant investment opportunity.
Pioneer Chairman of the REEEA-A Steering Committee, Dr Imamuddeen Talba, urged participants to focus on projects that could move beyond policy discussions and secure the financing required for implementation.
The Director-General of the Energy Commission of Nigeria, Dr Mustapha Abdullahi, represented by Dr Aminu Isa, also provided insights into the commission’s efforts to advance energy policy and implementation.
Engr. Ayodeji Dada, who was inaugurated as President of the REEEA-A Governing Council on the first day of the conference, presided over the second-day proceedings.
Dada drew attention to opportunities emerging from the Electricity Act 2023, particularly the increasing role of states in developing their electricity markets.
He said properly structured sub-national electricity markets, supported by predictable federal fiscal incentives, could give investors greater confidence to commit funds to decentralised clean-energy projects.
The communiqué adopted at the conference called for stronger cooperation among the Federal Ministry of Finance, the Presidential Enabling Business Environment Council and the Nigeria Customs Service to facilitate access to relevant import-duty and VAT exemptions for qualifying clean-energy investments.
The stakeholders also reviewed existing financing initiatives, including the World Bank-supported Distributed Access through Renewable Energy Scale-Up programme, known as DARES.
They noted that the programme included a $188 million Green Finance and Investment Facility intended to support the deployment of decentralised renewable-energy infrastructure.
The conference further advocated access to project financing at single-digit interest rates in local currency, arguing that such an arrangement would reduce exposure to foreign-exchange risks and improve the viability of clean-energy projects.
Olasunkanmi Owoeye, Group Head at Sterling Bank, said the bank’s HEART strategy had facilitated more than N50 billion in climate-related loans.
He said the bank was targeting N200 billion in climate financing by the end of 2026.
The conference also featured an Investment Lounge, which provided an opportunity for renewable-energy developers to engage directly with commercial financiers, development-finance institutions, investment facilitators and potential strategic partners.
The platform enabled project developers to present investment opportunities while allowing financiers and other stakeholders to assess projects with potential for funding.
Among those who participated in the conference were representatives of the Africa Regional Representation of the Green Climate Fund, Barrister Titi Akosa, Henry Bassey of GreenHub Africa and Boluwasope Ogboye, Founder and Principal Consultant of The BOPFA Company.
The stakeholders also endorsed the promotion of PROSPECT, a digital telemetry platform designed to improve information flow and transparency between clean-energy developers and potential financiers.
According to information presented at the conference, the platform, supported by the European Union, BMZ and GET.invest, tracks more than €180 million in clean-energy assets across 21 countries.
Participants proposed integrating the platform’s telemetry capabilities into Nigeria’s clean-energy investment ecosystem to strengthen project monitoring, due diligence and financing decisions.
The communiqué also addressed concerns about the quality of renewable-energy equipment entering the Nigerian market.
The conference called for mandatory pre-shipment verification under the Standards Organisation of Nigeria Conformity Assessment Programme, SONCAP, for applicable clean-energy equipment.
It further proposed an Extended Producer Responsibility framework for lithium-ion batteries and related electronic waste.
The stakeholders said stronger equipment standards and quality-control measures would help protect consumers, improve investor confidence and prevent substandard products from undermining the development of Nigeria’s clean-energy market.
Human-capital development was another major area addressed by the conference, with participants proposing a 30 per cent target for women’s participation in technical and leadership positions across the clean-energy industry.
They also proposed paid engineering placements for up to 1,000 young women annually through mentorship, internship and leadership-development programmes.
The conference declared energy efficiency a major priority and called for stronger enforcement of Minimum Energy Performance Standards.
Participants also proposed an Energy Efficiency Trust Fund that could provide support for up to 50 per cent of capital expenditure on qualifying industrial energy-efficiency retrofits.
They said greater investment in energy efficiency could help businesses reduce operating costs, lower energy demand and improve their competitiveness.
The conference also reviewed the development of REEEA-A itself, noting that the alliance had expanded from five to seven constituent associations and activated 11 Standing Working Committees covering different areas of the clean-energy industry.
The alliance also recognised a number of institutions and individuals through its annual awards for their contributions to the sector. Among those recognised were the Rural Electrification Agency, Sterling Bank, GIZ and Ondo State Governor, Lucky Aiyedatiwa.
The alliance said the resolutions adopted at the conference were intended to strengthen the connection between policy, finance, technology, human-capital development and market expansion.
It stressed, however, that the impact of the communiqué would depend largely on implementation, clearly assigned responsibilities and measurable results.
According to the alliance, Nigeria requires investment-ready projects, financing structures that reflect the realities of local developers, dependable project information and technical standards that provide adequate protection for both consumers and investors.
It also called for greater opportunities for women and young professionals while urging government, financial institutions, businesses and development partners to strengthen collaboration.
The REEEA-A said the focus after the conference should now shift from making policy declarations to developing investment pipelines, setting implementation timelines and measuring progress against clearly defined targets.
The alliance said effective execution of the 12-point plan could help create a more transparent, inclusive and investment-friendly clean-energy market capable of attracting private capital and expanding access to sustainable energy across Nigeria.
