The Chief Executive Officer of Gennex Technologies, Patrick Ilo, has described renewable energy as “Nigeria’s new oil,” urging young Nigerians, investors, and government institutions to channel more attention into the fast-growing solar energy sector, which offers greater value and sustainability.

He made the remark in Lagos, on Friday, at the Gennex Colloquium themed ‘A Decade of Innovation: Reflecting on 10 Years of Solar Energy Progress in Nigeria,’ where the company marked its 10th anniversary of advancing clean energy solutions across the country.

Ilo said the renewable energy sector now offers higher returns and broader opportunities than the petroleum industry, describing it as the next frontier of national wealth creation.

“This is the new oil. Anybody that can go into renewable energy has more margin than oil. Oil is a commodity product with slim margins, but renewable energy offers better returns and sustainability. It’s something I want people to plug into and learn.”

He said Gennex’s decade-long journey has been defined by steady growth, innovation, and human capital development.

He disclosed that through the Gennex Academy, the firm has trained over 1,500 engineers and technicians who are now contributing to the renewable energy ecosystem, either as employees or independent business owners.

“Knowledge is power, and because energy is evolving, technology is evolving, and we are bringing new innovations, it is mandatory on us to always train our people to keep up with the pace. People are coming into that space and learning new technologies. Many of them are now setting up their own businesses and living decent lives,” he explained.

He disclosed that the company has already commenced local assembly of solar products, including inverters, bulbs, and fans, while plans were underway to begin lithium battery production in partnership with foreign experts.

Ilo added: “We are starting from the simple to the complex. The only thing we have not gone into yet is lithium, because of the technicalities, but that will come in the nearest future with our partners’ support.”

While acknowledging that manpower remains a major challenge in the renewable sector, Ilo commended the government for maintaining zero import duty on solar components, apart from batteries, which attract 20 per cent. He added that the company’s training and mentorship programmes were helping to close the skills gap in the industry.

He also urged Nigerian youths to embrace technical learning and patience, describing renewable energy as a long-term wealth-building opportunity.

“The issue of quick money does not arise. Wealth is about patience. Wealth is slow, and you build it gradually. Ladies can also be engineers; they can do installations with the type of technology we have now.”

In her remarks, Executive Director of Gennex Technologies, Oluwatoyin Ilo, said the company’s 10-year journey reflects a story of innovation, resilience, and commitment to national development.

She noted: “When Gennex was founded, we had a bold mission to make clean and reliable energy accessible to homes and businesses across Nigeria. Over the past decade, we have grown from bold ideas to tangible impact, expanding access to clean energy, deploying cutting-edge technologies, and nurturing local expertise.”

In her keynote address, the Divisional Head, Conglomerates, Corporate Banking at Fidelity Bank, Nnenna Kayode-Lawal, described the progress made in Nigeria’s solar energy sector over the past decade as both remarkable and transformative.

She noted: “Ten years ago, solar in Nigeria was almost a novelty, powering only streetlights and radio towers. Today, we have moved from candles to charged smartphones, from one-hour generators to sunlit days of power in homes and hospitals.”

Kayode-Lawal traced the evolution of solar power from a modest 11 megawatts (MW) of installed capacity in 2015 to about 385 MW by early 2025, attributing the growth to policy reforms, public-private collaboration and technological advancement.

She added that Fidelity Bank was also simplifying access to green finance through its Fidelity Green Energy Finance product and leasing scheme, designed to help homeowners and small businesses acquire solar systems without heavy upfront costs.