Informa Markets Puts Funding of Nigeria’s $360bn Energy Transition Plan in Spotlight

Peter Uzoho

Organisers of the Nigeria Energy Exhibition and Conference, Informa Markets, yesterday, said stakeholders, including policy makers, industry players, and investors from within and outside the country, were set to brainstorm on funding and implementation of the country’s $360 billon energy transition plan at this year’s edition of the annual summit. Exhibition Director, Energy Portfolio in charge of Middle East and Africa at Informa Markets, Mr. Ade Yesufu, stated this in a statement to herald this year’s Nigeria Energy Exhibition and Conference, scheduled to hold in Lagos from October 15 to 17, with the theme, “Breaking Barriers in the New Energy Era: Clean, Reliable and Sustainable.”

The federal government had estimated that about $10 billion would be needed annually to achieve Nigeria’s energy transition by 2060, amounting to $360 billion in 36 years.

Yesufu stated that Nigeria and West Africa were at a pivotal moment in their energy journey, where the focus was not only on increasing access but also on transitioning to cleaner, more sustainable power solutions.

Even with vast natural resources, he stated that the region had struggled to attract investment opportunities, which was critical to reducing energy poverty.

Yesufu added that the Nigeria Energy Exhibition and Conference had consistently brought together key players to drive collaboration and innovation.

He said, “This year, we are placing a strong focus on powering energy transition in West Africa, which underscores our commitment to advancing practical solutions that address the region’s energy challenges, while supporting its green energy future.”

For the 2024 edition, Yesufu revealed that Nigeria Energy launched the Energy-X Contest as a premier endeavour aimed at nurturing and empowering exceptional students and young Africans in the realm of innovation, especially in the energy industry.

As part of the initiative, Yesufu explained that a specialised incubation programme was curated with the mission to create a dynamic ecosystem where young entrepreneurs were equipped with the skills, network, and support to build successful ventures that positively impacted society.

He stated, “The Nigeria Energy Exhibition and Conference will showcase the entire energy value chain, from cutting-edge generation and transmission advancements to ground-breaking solutions in renewables and energy efficiency.

“The conference would discuss key topics, including sustainable power generation with emphasis on balancing profitability and environmental Impact.”

Yesufu said the conversation at the conference will be around investing in tomorrow and navigating the $360 billion energy transition, which was the blueprints for the country’s energy future.

He said the discussion of the foregoing will dovetail into giving insights on gazetting Nigeria’s Energy Vision, including financing, policy, and Innovation, the key ingredients for catalysing Nigeria’s conventional utility-scale projects ecosystem.

Yesufu explained that exploring the potential of hydrogen to accelerate West Africa’s transition to a clean and sustainable energy future will also be discussed at the meeting.

As part of the highlights of the upcoming event, Yesufu said the Nigeria Energy Leadership Summit will play a crucial role within the West African power market, gathering the most relevant stakeholders in the sector to deliberate on viable pathways to achieving the sub-region’s energy transition ambition.

According to him, the 11th edition will showcase some of the most innovative companies in power generation, transmission, distribution, renewable energy, and energy management from within and outside the country.

Yesufu stated, “The event, consistent with its focus on addressing the critical challenge of energy access, will feature two impactful conferences including a high-level leadership summit (paid feature) and a technical seminar.

“The technical seminar will focus on bringing leading-edge innovations and technologies to the generating, transmission, and distribution sector.

“This event is a dedicated knowledge hub for energy innovators to learn and share industry best practices and scientific developments.”