Business
Stakeholders Task FG On Renewable Energy
Delegates rose from a three-day conference on alternative energy on Saturday in Abuja with a call on the Federal Government to pay adequate attention to the country’s renewable energy sector.
The call is contained in a communiqué issued at the end of the fifth Nigeria Alternative Energy Exposition (NAEE) with the theme: “Consolidating Energy Transformation Gains.”
Mr Chidi Onuoha, a renewable energy consultant and advocate, signed the communiqué on behalf of other delegates.
The stakeholders commended the Federal Government for putting in place the Renewable Energy Policy (REP) and called for its effective implementation.
They described the policy as a critical blueprint for the national search for permanent solutions to the country’s lingering energy crisis.
The delegates emphasised the need for the policy to be backed by law in order to sustain the contribution of clean energy to the energy mix and attract investors to the sector.
To this end, they pledged their support for a Green Economy Nigeria Bill (GENB), which they said would soon be in the National Assembly.
The bill, according to them, seeks to give legal teeth to sustainable agriculture, renewable energy and infrastructure.
The Tide gathered that the NAEE is the country’s largest gathering of policy makers, researchers, manufacturers, investors and consumers of renewable energy.
This year’s edition, held between Oct. 14 and Oct.16 at Shehu Yar’adua Conference Centre, was declared open by President Muhammadu Buhari, represented by the Permanent Secretary, Federal Ministry of Power, Mr Godknows Igali.
It attracted French Ambassador to Nigeria, Mr Denys Gauer; the Director General, Energy Commission of Nigeria, Prof. Eli Bala; French Ambassador for Climate in Africa and Middle East, and Mr Stephane Gompertz.
The communiqué read: “We commend the Federal Government for putting in place the Renewable Energy Policy (REP) and Energy Efficiency Policy (EEP) document.
“The REP document, no doubt, will serve as a blue print for sustainable supply and utilisation of renewable energy sources within the economy for both on-grid and off-grid solutions.
“The document also advances an Energy Efficiency Policy (EEP) which will reduce inefficient consumption, thereby providing greater access to electricity consumers.”
The delegates expressed concern over the “deficiency” in the country’s energy infrastructure over the years despite being the most populated and largest economy in Africa.
Among other recommendations, they advised the Federal Government to encourage private sector investments in renewable energy using feed-in tariffs as obtainable in other climes.
They advised the Nigeria Electricity Regulatory Commission (NERC) to provide a regulatory framework for off-grid power supply solutions.
The delegates cited high import tariffs on renewable energy facilities and high bank credit as major obstacles to investment in the sector.
They, therefore, urged the Nigerian Customs Service to implement relevant aspects of the REP, especially the provision on zero import duty for renewable energy technologies.
“The Federal Government through the Standards Organisation of Nigeria (SON) should ensure the importation of only quality renewable energy equipment into the country.
“Importation of substandard products by quacks has painted genuine investors in the sector in bad light.
“There is also the need for collaboration between the federal and state governments, and the private sector to support training and job creation provided by off-grid renewable energy market for technicians, installers and artisans.
“The Rural Electrification Agency (REA) should reinvent itself as the Renewable Energy Development Agency and focus on the promotion of off-grid, mini-grid renewable energy solutions.
“REA should also work with private sector investors to achieve fast rural electrification,” they said.
The stakeholders announced the formation of an association called the Nigeria Sustainable Energy Group (NSEG) to give them a voice as it is the case with other professional bodies in the country.
According to them, NSEG will serve as a platform for them to fast-track and monitor progress made in the implementation of their resolutions and other issues of interest to the members.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.