The Institute of Chartered Accountants of Nigeria (ICAN) has projected that Nigeria’s renewable energy sector could create more than 300,000 jobs and contribute $7.4 billion annually to the nation’s GDP by 2030, provided the industry is strategically harnessed and supported by strong policy alignment.
Speaking at the 8th Southern Zonal Conference in Port Harcourt, Rivers State, ICAN President Mallam Haruna Nma Yahaya said that tapping into renewable energy potential could be a game-changer for Nigeria’s economic growth, energy security, and environmental sustainability.
Yahaya highlighted that aligning Nigeria’s renewable energy policies with the United Nations Sustainable Development Goals (SDGs) — particularly Goals 7 (Affordable and Clean Energy), 12 (Responsible Consumption and Production), and 13 (Climate Action) — could unlock over $1 trillion in market opportunities for Africa within the next five years.
“The renewable energy sector alone has the potential to create over 300,000 jobs and contribute $7.4 billion annually to our GDP by 2030 if properly harnessed,” Yahaya noted.
The ICAN President called on accountants to take a leadership role in sustainability by championing environmental accounting, sustainability reporting, and green financing mechanisms. He further encouraged businesses to adopt International Sustainability Standards Board (ISSB) frameworks and promote Environmental, Social, and Governance (ESG) disclosures to ensure compliance with global standards while contributing meaningfully to sustainable development.
Yahaya stressed that integrating climate resilience into national budgets and incentivising eco-friendly investments would enable Nigeria to build a low-carbon economy, attract green financing, and stimulate climate-smart sectors such as solar, wind, biomass, and hybrid energy systems. He also called for stronger public-private partnerships to support Nigeria’s Net-Zero Energy Transition Plan.
In his keynote address, Rivers State Administrator Vice-Admiral Ibok-Ete Ekwe Ibas (retd), represented by Secretary to the State Government Prof. Ibibia Lucky Worika, said Nigeria’s sustainability challenges — from pollution to climate change — were surmountable through ethical governance, community engagement, and investment in green skills.
“Climate change, deforestation, and unsustainable consumption are no longer abstract concerns. They are real and affecting communities across Nigeria — from the Niger Delta’s rising floodwaters to the advancing desert in the north,” Ibas warned.
He called for reforms that prioritise environmental, economic, social, and human sustainability while moving from extractive to regenerative systems. These reforms, he said, must be supported by clean energy incentives, reforestation programs, mangrove restoration projects, and environmental education in schools and professional institutions.
Nigeria’s current energy mix is heavily reliant on fossil fuels, with millions of households and businesses dependent on diesel-powered generators. This dependence not only drives up costs but also contributes significantly to carbon emissions. Industry experts believe that a shift towards solar mini-grids, wind farms, and bioenergy projects could cut operating costs by up to 50% while reducing emissions and improving energy access for rural communities.
ICAN’s vision aligns with recent studies by the International Renewable Energy Agency (IRENA), which show that countries investing in clean energy infrastructure often experience accelerated job creation, enhanced energy security, and improved environmental health.
With Nigeria’s population projected to surpass 250 million by 2030, Yahaya and Ibas agree that renewable energy offers a viable path to economic diversification, resilience against climate shocks, and sustainable growth.