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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Nigeria Regulation Energy October 2021 Vol.14, No. 57, Autumn 2021

Adebisi Sanda

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Adebisi Sanda is a Nigerian attorney with years of experience in governance, private equity, M&A, banking, and finance. He is a Governance Supervisor at Oando Energy Resources Inc. Previously, he worked in a leading law firm in Nigeria, Banwo & Ighodalo where he advised on private equity and finance transactions. He also worked (on secondment from Banwo & Ighodalo) as the primary legal counsel to Africa Infra Plus Fund, an infrastructure fund (managed by Africa Plus Partners Limited), where he managed various infrastructure projects in education, power, healthcare, and water, and provided secretarial support to the advisory board and to the investment committee.

Chukwunonso Onwuzu

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Chukwunonso Onwuzu is a seasoned negotiator, strategic planner, and risk management expert. Prior to joining OER, Chukwunonso worked with Udo Udoma & Belo-Osagie, one of Nigeria's largest 'magic triangle' law firms, where he advised on a wide range of areas including energy and power, oil and gas, projects and infrastructure finance, maritime, corporate finance, mergers (and acquisitions), divestments, employment, private equity, distribution and supplies, company secretarial, regulatory compliance, tax, general corporate commercial legal advisory. Chukwunonso has also written other published works.

Oando Energy Resources Inc.

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Oando Energy Resources is a leading African exploration and production company. It's asset base includes exploration, development, and production assets for both oil and gas, situated on and offshore in Nigeria, and the Exclusive Economic Zone (EEZ) of São Tomé and Príncipe.

Nigeria Regulation Energy October 2021 Vol.14, No. 57, Autumn 2021