Nigeria requires about $26 billion to address its energy deficit as the country pursues universal, reliable and sustainable electricity access.

Managing Director and Chief Executive Officer of the Rural Electrification Agency, Dr Abba Aliyu, stated this while speaking at the Sterling Bank Renewable Energy Colloquium held in Lagos. The event brought together industry players to identify actionable pathways for increasing energy access and driving economic growth in line with Nigeria’s aspiration to attain a $1 trillion economy.

In a keynote address titled ‘Scaling Electrification in Nigeria, The REA Impact’, Aliyu, who was represented by his Senior Adviser, Abba Hayatudden, said the country’s energy transition represented a strategic shift towards integrating grid, mini grid and off-grid technologies in alignment with national development and climate goals.

Aliyu noted that the agency is expanding and optimising channels to accelerate the adoption and sustainable growth of renewable energy across the country.

He said: “REA is strategically expanding and optimising channels to accelerate the adoption and sustainable growth of renewable energy across the country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardisation.”

Managing Director and Chief Executive Officer of Sterling Bank Limited, Abubakar Suleiman, in an address delivered by the Group Executive, Corporate and Investment Banking, Dele Faseemo, said the bank would be paying closer attention to policy actions in two or three key priority areas.

He said a focus on the areas would enable the bank to do more to drive progress in the sector and expand access to energy, which he described as essential for supporting economic growth and overall development.

The Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the renewable energy conversation, noting that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

Represented by Samuel Ayangeaor, the minister said the ministry has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.

Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, said the current administration in the state is implementing what he described as the most ambitious energy transformation ever undertaken. He highlighted the state’s renewable energy and sustainability efforts, including the two-gigawatt Lagos grid-scale solar project.

Also speaking, Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, stressed the need for collective action, urging participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.
She encouraged stakeholders to leverage the strength of their networks, act with intention and remain focused on delivering meaningful impact.