$1.8bn Business Deals Sealed as Nigeria, Others Brainstorm on Energy Challenges at Summit

Peter Uzoho

The recently held Middle East, Africa Energy Summit in Dubai, United Arab Emirates, where Nigeria’s energy access and infrastructure challenges were deliberated has succeeded in facilitating business deals worth $1.8 billion in a three-day showcase, THISDAY has learnt.

The 48th edition of the summit organised by the Dubai-based Informa Markets, assessed the challenges and opportunities for Nigeria’s natural gas in the energy transition dispensation.

Speaking during one of the panel sessions, which focused on “Energy Transition Priorities for Nigeria’s Energy Sector”, Managing Director of the Transmission Company of Nigeria (TCN) and Chairman of the West Africa Power Pool, Dr Sule Abdulaziz, harped on Nigeria’s ability to develop its energy infrastructure and the partnerships needed to solve its challenges.

He said the number one challenge facing the power sector in Nigeria was funding, especially for the TCN, adding that the generation and distribution arms of the sector were owned by private companies, hence their ability to source funding through various investors and banks.

Energy expert and Senior Aide to the Senate President, Mr. Olabode Sowunmi, in his intervention, expanded the discussion on the current gap in Nigeria’s energy infrastructure, which has caused stagnation in development.

According to him, “Many times, what has been noticed is a disconnect between policies and the private sector, for whom the policies are intended.”

“This is because there have been inadequate opportunities for interactions and effective constructive engagement between beneficiaries. For sustainable development, there must be consistent, regular, and effective communication between the private sector and policymakers,” he added.

Chief Executive Officer, Tetracore Group, Mr. Olakunle Williams, who shared his thoughts on the future of energy infrastructure and development in Nigeria, stated that in the next five years, Nigeria would need to improve its energy access by getting more people connected to the grid.

“We will also need to considerately step up our gas-based industries because as we continue to meet power needs, we have huge requirements to industrialise in a very short time.

“Regarding solar power and other renewable energy sources, I want to see a situation where we can incorporate them more into our national energy mix and be a major player when it comes to expanding clean energy across Africa, ”he said.