Reps Investigates $2bn Renewable Energy Grants, Investment in Nigeria, Invite Stakeholders

The House of Representatives Committee on Renewable Energy in Nigeria has announced an investigative hearing concerning the $2 billion renewable energy grants and investments in the country.

This probe aims to scrutinize the period from 2015 to 2024, following concerns that these substantial investments have not massively improved Nigeria's energy security challenges.

The committee, led by Chairman Victor Ogene, emphasized that the investigation is not a "witch-hunt" but rather an effort to ensure transparency and integrity in managing public resources.

The hearing, scheduled for November 5 and 6, 2024, will involve various stakeholders, including government agencies and international bodies. Among those invited are the Rural Electrification Agency, Nigerian National Petroleum Company Limited, and the European Union's Country Representative.

The investigation follows a motion titled "Need to Investigate Investments in the Renewable Energy Sector and Foreign Grants Received from 2015 Till Date," sponsored by Okey-Joe Onuakalusi, representing Oshodi-Isolo II Federal Constituency, Lagos State.

Despite attracting over $2 billion in investments, as reported by the Rural Electrification Agency in 2023, Nigeria's electricity generation and supply system remains dysfunctional. The World Bank's approval of a $750 million facility in December 2023 aimed to enhance access to electricity for over 17.5 million Nigerians through distributed renewable energy solutions.

Additionally, a $200 million project launched in 2020, funded by the African Development Bank, targeted off-grid energy provision for rural communities. The probe seeks to assess the effectiveness of these initiatives and address any discrepancies in procurement and execution processes.