At the Nigeria Energy Conference 2024, experts in the energy sector have sounded alarms about Nigeria’s capacity to achieve its desired economic transformation under current energy statistics. Stakeholders expressed concern over the unreasonably low energy generation for a nation with a population exceeding 200 million, which currently ranges between 5,000 and 8,000 megawatts. They called for the implementation of favorable policies to attract private sector investment in the energy market.
The conference, themed “Breaking Barriers in the New Energy Era: Clean, Reliable, and Sustainable,” was organized by Informa Markets in Lagos. During the event, Dr. Owen Omogiafo, President of Transnational Corporation Plc, highlighted the stark energy disparity when comparing Nigeria to Germany. He stated, “Germany has 51 megawatts for 80 million people. With 220 million people, Nigeria generates only 5,000 to 8,000 megawatts. This shows a clear and present danger to our economic aspirations.”
Mr. Ade Yesufu, Exhibition Director at Informa Markets, noted the event’s evolution over the past 11 years to align with global conversations on sustainability and energy transition. He emphasized the need for discussions on renewable energy, energy efficiency, and digitalization in the energy sector, saying, “We are deeply rooted in navigating the complexities of the clean energy transition, focusing on policy and investment as catalysts for a sustainable energy future.”
Minister of Power, Mr. Adebayo Adelabu, echoed the sentiments of the other speakers, lamenting Nigeria’s underachievement amidst abundant resources. He remarked, “My heart bleeds each time I remember that we are achieving very little in the midst of plenty. We lack the resources required for the reliability and stability of this sector compared to other countries.”
The conference aimed to address these pressing issues and explore actionable solutions for Nigeria’s energy challenges, highlighting the importance of collaboration among stakeholders to foster a sustainable energy future.