An Overview of the Legal and Regulatory Framework for Renewable Energy and Cleantech in Nigeria
Adebisi Sanda, Governance Supervisor , Oando Energy Resources Inc., Nigeria
Chukwunonso Onwuzu, Legal Attorney , Oando Energy Resources Inc., Nigeria
Despite having good solar irradiation, and other renewable energy resources, Nigeria continues to suffer power outages owing to, amongst others, inadequate generation, and distribution capacity. Nigeria has formulated several policies and incentives to encourage the use of renewable energy resources in meeting the country's electricity demands. Globally, climate change and other Environmental, Social and Governance (“ESG”) concerns are driving preference in the use of renewable energy ahead of fossil fuels in the electricity industry and even other sectors, such as transportation. Also, development in technology is creating new markets for renewable energy and cleantech such as battery storage, electric vehicles etc. From the foregoing, the power sector in Nigeria presents attractive investment opportunities. This article gives an overview of the licencing and regulatory regime for renewable energy in Nigeria including hydro, solar, and wind energy as well as the manufacturing of equipment.
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