Renewables
Nigeria calls for balanced energy transition investments
Industry leaders in Nigeria have warned that focusing solely on renewable energy could hinder national development and energy security.
Key points
- Engr. Emeka Okwuosa spoke at the 22nd International Conference and Exhibition on Power and Telecommunication in Port Harcourt.
- Universal electricity access in sub-Saharan Africa by 2035 requires nearly $150 billion, according to International Energy Agency data cited at the event.
- Nigeria's Energy Transition Plan targets net-zero emissions by 2060 across five priority sectors.
What happened
Stakeholders within Nigeria's energy sector have stressed the need for balanced investment strategies to guarantee reliable power supplies and drive economic growth. Speaking at an industry event in Port Harcourt organised by the Nigerian Institute of Electrical and Electronic Engineers, Oilserv Group Chairman Engr. Emeka Okwuosa argued that abandoning fossil fuels prematurely fails to address the unique constraints facing developing nations.
According to International Energy Agency figures cited during the presentation, achieving universal electricity access across sub-Saharan Africa by 2035 demands approximately $150 billion in funding, representing roughly six times the current annual spending levels in the region. Okwuosa noted that unlike industrialised regions where transitions focus primarily on decarbonisation, Nigeria must simultaneously tackle energy access, affordability, reliability, and industrialisation.
Why it matters
World Bank figures show that Nigeria's electricity use per person stood at 140.6 kWh in 2024, compared to the global average of 3,708.5 kWh. Furthermore, access to electricity covered 62.5 percent of the population in 2024, while clean cooking access remained at 28 percent.
Okwuosa emphasised that the national Energy Transition Plan targets net-zero emissions by 2060 by focusing on power, cooking, oil and gas, transport, and industry. He stated that natural gas reserves must be utilised to bolster electricity reliability and industrial expansion, alongside lower-carbon technologies and digital innovations in the oilfield sector.
What comes next
The ongoing shift from traditional energy molecules to electrons and data is creating new investment avenues spanning renewable generation, grid management, battery storage, and energy-as-a-service models. Industry participants view this transition as a major capital-allocation opportunity rather than a threat to conventional energy operations.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Renewables are the fastest-growing part of the world’s energy system. The COP28 goal is to triple capacity by 2030, and solar mini-grids are the fastest route to power for millions of people without electricity.
22.0% of electricity in Nigeria was renewable in 2021Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
