In the current context where energy is critical to economic development, Nigeria is facing major challenges in energy production and supply. Industry experts have recently warned of the country’s inability to achieve the much-desired economic transformation with the current energy statistics.
It is clear that for a country with a population of over 200 million, the current energy production of between 5,000 and 8,000 megawatts is grossly inadequate. Stakeholders have stressed the need for enabling policies to motivate private players to invest in the energy sector.
Speaking at the Nigeria Energy Conference 2024, themed ‘Pushing the Frontiers in the New Energy Era: Clean, Reliable and Sustainable’, organised by Informa Markets in Lagos, the Chairman of Transnational Corporation Plc, Dr Owen Omogiafo, highlighted the untapped potential of the African continent in terms of renewable energy resources. He compared Nigeria’s energy production figures to those of other countries, highlighting the glaring imbalance in energy distribution.
In addition, the Exhibition Director at Informa Markets, Mr. Ade Yesufu, highlighted the evolution of the event over the years to reflect the new realities of global conversations on sustainability, energy transition and climate change. He particularly highlighted the growing importance of renewable energy, energy efficiency and digitalization of the energy sector.
The Minister of Energy, Mr. Adebayo Adelabu, also expressed concern over the current energy situation in the country, regretting the lack of resources needed to ensure the reliability and stability of the energy system, compared to other countries in the world. He stressed the need to rethink energy policies and investments to ensure a sustainable energy future for the country.
In sum, it is clear that Nigeria must fully embrace the transition to clean, reliable and sustainable energy sources to meet the growing needs of its population and ensure robust and sustainable economic development. The challenges are many, but with the right policies, investments and innovations, the country can overcome these obstacles and move towards a brighter energy future.