Clean Energy Stakeholders Unveil 12-Point Blueprint to Unlock Investment in Nigeria

By Fatima Saka

The Renewable Energy and Energy Efficiency Associations Alliance (REEEA-Alliance) has unveiled a 12-point action blueprint aimed at unlocking investment, expanding access and accelerating the deployment of clean-energy projects across Nigeria.

The resolutions were contained in a communiqué adopted at the end of the alliance’s 5th International Investment and Partnership Conference held at the Marriott Hotel, Ikeja, Lagos.

The two-day conference, themed “Accelerating Collective Action and Strategic Partnerships for Equitable Clean Energy Access,” brought together policymakers, state government representatives, development-finance institutions, international development partners, commercial financiers, energy developers and professional associations.

The stakeholders pledged to move Nigeria’s clean-energy sector beyond policy formulation towards bankable projects, accessible finance and measurable implementation.

Participants identified policy certainty, financing, technical standards, market structures and human-capital development as critical to expanding clean-energy access.

They noted that grid electricity supply remained between 3,500MW and 4,500MW for a population of more than 220 million, leaving businesses and households heavily dependent on costly diesel and petrol-powered generators.

The conference consequently identified decentralised clean-energy markets as both an urgent energy-access necessity and a major economic opportunity.

Dr Imamuddeen Talba, pioneer Chairman of the REEEA-Alliance Steering Committee, urged stakeholders to shift from policy formulation to practical execution and the development of projects capable of attracting investment.

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 towards strengthening policy implementation.

Engr. Ayodeji Dada, who was inaugurated as President of the Governing Council of REEEA-Alliance on the first day of the conference, presided over the second-day proceedings.

Dada highlighted opportunities created by the Electricity Act 2023, particularly the development of sub-national electricity markets.

He said stronger state-level markets, supported by predictable federal fiscal incentives, would provide the certainty required to attract investment into decentralised clean-energy projects.

The communiqué called for stronger coordination among the Federal Ministry of Finance, the Presidential Enabling Business Environment Council and the Nigeria Customs Service to facilitate access to Import Duty Exemption Certificates and VAT exemptions for qualifying clean-energy investments.

On financing, participants called for project debt to be denominated in local currency at single-digit interest rates to reduce foreign-exchange risks and improve project viability.

The stakeholders also recognised financing opportunities under the World Bank-supported 750-million-dollar Distributed Access through Renewable Energy Scale-Up (DARES) programme.

They noted that the programme included a 188-million-dollar Green Finance and Investment Facility and was designed to support the electrification of 226,000 households through 40 interconnected mini-grids.

Mr Olasunkanmi Owoeye, Group Head at Sterling Bank, said the bank’s HEART strategy had unlocked more than N50 billion in climate loans.

Owoeye said the bank was targeting N200 billion in climate financing by the end of 2026.

The conference also featured an Investment Lounge designed to directly connect clean-energy developers with financiers, development-finance institutions, investment facilitators and potential strategic partners.

The platform provided opportunities for developers to explore financing options while enabling investors and funding connectors to assess viable clean-energy projects.

The stakeholders also endorsed the promotion of PROSPECT, a digital telemetry platform aimed at improving transparency and reducing information gaps between clean-energy projects and financiers.

Supported by the European Union, BMZ and GET.invest, the platform tracks more than 180 million euros in clean-energy assets across 21 countries.

The conference called for the integration of PROSPECT telemetry into Nigeria’s clean-energy investment ecosystem to improve project monitoring, due diligence and financing decisions.

On equipment standards, the communiqué called for mandatory pre-shipment verification under the Standards Organisation of Nigeria Conformity Assessment Programme.

It also called for an Extended Producer Responsibility framework for lithium-ion batteries and battery-related electronic waste.

The stakeholders said stronger quality control was necessary to prevent substandard equipment from undermining consumer confidence and legitimate investment.

On human capital, the conference established a target of 30 per cent inclusion for women in technical and leadership positions in the clean-energy sector.

It also proposed paid engineering placements for up to 1,000 young women annually through mentorship, internship and leadership-development programmes.

The conference further declared energy efficiency as the “first fuel” and called for stronger enforcement of Minimum Energy Performance Standards.

It proposed an Energy Efficiency Trust Fund capable of subsidising up to 50 per cent of capital expenditure for industrial energy-efficiency retrofits.

The participants said energy-efficiency investments could reduce operating costs, lower energy demand and improve the competitiveness of Nigerian businesses.

The conference also reviewed the institutional development of REEEA-Alliance, noting its expansion from five to seven constituent associations and the activation of 11 Standing Working Committees.

It also recognised institutions and individuals through its annual awards, including the Rural Electrification Agency, Sterling Bank, GIZ and Ondo State Governor, Lucky Aiyedatiwa.

Among participants were representatives of the Africa Regional Representation of the Green Climate Fund, Barr. Titi Akosa, Mr Henry Bassey of GreenHub Africa and Mr Boluwasope Ogboye, Founder and Principal Consultant of The BOPFA Company.

The alliance said the resolutions were intended to create stronger links among policy, finance, technology, human capital and market development.

It stressed that the success of the 12-point blueprint would ultimately depend on implementation, measurable outcomes and clear institutional responsibilities.

REEEA-Alliance said Nigeria needed projects capable of attracting capital, financing structures suited to local developers, reliable project data and standards capable of protecting consumers and investors.

It also emphasised the need to expand opportunities for women and young professionals while strengthening cooperation among government, financiers, businesses and development partners.

REEEA-A Seeks Greater Support to Scale Nigeria’s Clean Energy Transition

The alliance said the next step was to translate the resolutions into timelines, institutional responsibilities, investment pipelines and measurable outcomes to create a clean-energy market that is more bankable, transparent, inclusive and execution-focused.

The Renewable Energy and Energy Efficiency Associations Alliance is an umbrella coalition of constituent trade associations, private developers and institutional partners involved in Nigeria’s sustainable-energy transition.