Experts in the energy sector have warned that it will be impossible for Nigeria to achieve the type of economic transformation that it desires with current energy statistics.
The stakeholders argued that it was unreasonable for a country with over 200 million residents to generate between 5,000 and 8,000 megawatts of energy, saying favourable policies be created to motivate private players to come in.
They spoke at the Nigeria Energy Conference 2024 themed: 'Breaking barriers in the new energy era: Clean, Reliable and Sustainable,' organised by Informa Markets in Lagos.
Speaking at the event, President of Transnational Corporation Plc, Dr Owen Omogiafo, said: "We are a continent blessed with rich natural resources. We have oil and gas. We have sunshine, strong winds across different locations. We have abundant water resources, green land and fertile farmland. What do we lack? Energy, right? In May, I had the pleasure of representing our continent at the German-African Conference on Energy.
"One thing that was quite humbling to me was to find out that Germany has 51 megawatts for 80 million people. Look at my country, Nigeria, which I am very proud of. With 220 million people, we are between 5,000 and 8,000 megawatts, which is five to eight gigawatts, but Germany with 80 million people has 50 gigawatts. Clearly, you can see that there is a clear and present danger in such countries. A plan explains to you that there is no way we would achieve the economic transformation that we so desire as a country with that kind of energy statistics."
Also speaking, Exhibition Director at Informa Markets, Mr Ade Yesufu, said over 11 years, the event has adapted to these new realities of the global conversations on sustainability, energy transition and climate change. Across this dynamic region, energy markets are transforming at an unprecedented pace.
Yesufu said: "In recent years, we have shifted our focus to reflect the growing importance of renewable energy, energy efficiency and the digitalization of the energy sector. We have integrated discussions on solar, wind, hydro and all-grid solutions, which are increasingly vital for addressing energy access and sustainability challenges in Nigeria and Africa alike. The introduction of topics like green financing, energy storage technologies and policy frameworks for sustainable growth has also brought fresh relevance to the event.
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"This year, we are even more deeply rooted in navigating the complexities of the clean energy transition, primarily focusing on policy and investment, which are catalysts to drive a sustainable energy future. Today, we convene to address these obstacles together. Our discussions centre around two general areas."
On his part, Minister of Power, Mr Adebayo Adelabu, added: "My heart bleeds each time I remember that we are achieving very little in the midst of plenty. We are a nation today without the resources required for reliability, stability, functionality of this sector when compared to any other country in the world."
