BY GLORIA AKUDORO
In an effort to close Nigeria’s $23 billion energy gap, Sterling Bank Limited has hosted key industry players to strategise on accelerating the country’s transition to renewable power.
The maiden edition of the colloquium, held in Lagos under the theme ‘Beyond the Grid: Unlocking New Frontiers in Renewable Energy’, had in attendance top government functionaries and players from the private sector.
The Managing Director/Chief Executive Officer of Sterling Bank Limited, Mr Abubakar Suleiman, in his opening address, highlighted the bank’s desire to make an impact on the lives of people.
The CEO, who was represented by the Group Executive, Corporate and Investment Banking, Dele Faseemo, explained that Sterling Bank would be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.
He noted that by focusing on these areas, the bank could do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.
He said: “If you take it from the national priority standpoint, for an economy that is targeting a $1tn size, we know that energy availability—solving the energy problem—is critical. Therefore, we have to continue to speak about it, and in fostering our leadership in this space, we think that it is about time that we gather all the stakeholders in a room and have a conversation about this.
“For us at Sterling, it is about accelerating action. How do we give more access to more people? And as the theme of the colloquium says, beyond the grid, how do we capitalise on the abundant renewable energy sources that we have in Nigeria? Let’s not limit ourselves to solar, even though that may be the most abundantly available. Today, we know that the contribution of hydropower to the national grid is also significant. We need to push the frontiers and be able to deliver renewable energy to as many people as possible. For me, when we step out into a typical city in Nigeria, we want to see solar panels on all the roads.”
The Managing Director/Chief Executive Officer of the Rural Electrification Agency (REA), Dr Abba Aliyu, in a keynote address titled ‘Scaling Electrification in Nigeria’, stressed the vision, mission and mandate of the agency.
The MD, who was represented by the Senior Adviser to the MD, Mr Abba Hayatudden, said the agency was focused on three key areas, including energy security, energy equity and environmental sustainability.
“We know that most investors take sustainability seriously, and that is where renewable energy comes into play. We at the REA did a cost analysis of what it would take to connect every last mile to the grid based on the most efficient technology, and we found that figure to be about $23bn. This is what we need to achieve universal access.
“Now, I don’t have to tell you that public funding alone is insufficient; we have to put structures in place to mobilise private capital at scale. That is why forums like this are critical. Added to that is the energy transition drive we have in the country, which is about a $410bn opportunity up to 2060—or a $410bn challenge, depending on how you look at it,” Aliyu said.
Also speaking, the Minister of Power, Adebayo Adelabu, who was represented by Engineer Samuel Ayangeaor, commended Sterling Bank for convening the conversation on renewable energy.
He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.
“The Federal Ministry of Power 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,” he said.
The colloquium aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one-trillion-dollar economy.
