Akinfemiwa stated this at the Nigerian British Chamber of Commerce (NBCC) March 2025 Members Evening/Induction in Lagos.
According to him, with alignment with a clear roadmap and collective efforts from government, private sector and global partners, Nigeria will achieve sustainable power for the country.
He said Nigeria’s trillion-dollar economy target is dependent on reliable and sufficient power, stating that there are fundamental but not insurmountable challenges facing the power sector.
Akinfemiwa said short-term stabilisation, midterm expansion and long-term sustainability must work together to move the sector forward, stating that a collaborative approach among government, private sector and foreign investors will be essential to achieve the goal.
He called on generating companies (GenCos) and distribution companies (DisCos) to engage partners and invest in decentralised/regional grids while distributing energy through mini-grids and off-grids.
He said GenCos and DisCos should also engage in bilateral agreements to off-take power while investing in increasing gas supply.
He urged them to expand the energy mix into renewables while telling them to invest in billing, metering and collection.
He listed some of the barriers to power sufficiency to include pricing and regulatory constraints with inconsistent policy frameworks for implementing regulatory reforms.
He said electricity tariffs do not fully cover the cost of power generation, transmission and distribution, leading to financial shortfalls.
“DisCos were losing over N30 billion monthly to energy theft, meter bypass, vandalism and unpaid electricity bills by consumers as at June 2020,” he said.
Meanwhile, the chamber inducted 17 companies to its fold to strengthen its network and expand its horizon.
Earlier in his remarks, President and Chairman of Council, NBCC, Ray Atelly, said the chamber has consistently been a beacon of excellence, driven by a shared vision and a commitment to fostering growth, collaboration, and innovation.
He said: “Every one of you has played an essential role in shaping our path, and this evening, we honor that legacy while embracing the future with open arms.
“To our new inductees, I offer a warm and sincere welcome. You have been selected not just for your exceptional achievements but also for your potential to enrich our collective endeavor and we believe that your unique perspectives and skills will contribute significantly to our ongoing mission and drive us toward new horizons.
“This evening is also an opportunity to acknowledge the hard work and dedication of our existing members. Your unwavering commitment and tireless efforts has been the cornerstone of our success. We celebrate not only the milestones we have achieved but also the collaborative spirit that has made it all possible,” Atelly said.
