Sterling Bank calls for investment in key sector of economy

As part of its commitment to the HEART of Sterling initiative, Sterling Bank Plc, has challenged investors to invest in five key sectors of the Nigerian economy namely Health, Education, Agriculture, Renewable Energy and Transportation.

Nigeria’s leading commercial bank, recently supported the 4th Nigeria Energy Forum themed Upscaling Clean Energy for Sustainable Development.

Speaking as a panelist at the event, Adesola Alli, head of renewable energy unit at Sterling Bank, noted that global industry overview of renewable energy which stood at $1.4 trillion is expected to grow to a projected value of $2.5 trillion by 2025. She added that about $531 billion investment in energy supply and technology is required yearly between now and 2050.

She listed some of the industry’s major challenges as supply and demand gap, access to finance and inadequate investment as well as trust and product standardisation.

Alli said there is a need to create conditions for investment through policy and institutional reforms as well as to develop plans and targets for renewable energy while also ensuring that laws supporting investment in low-carbon energy are enacted.

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She also called for the creation of favourable conditions for investment, improvement in project developers’ capacity to develop bankable projects, strengthening of the financial sector’s capacity to invest in the industry and to build technical and engineering capacity.

Alli said international support should focus on identifying and targeting critical sectors such as project bankability, equipment financing, feasibility studies and project assessment, adding that some public goods must be provided through public funding.

She acalled for the strengthening of awareness and capacity within industry as imperative for the adoption of low-carbon energy, noting that putting the right policies in place is crucial to attracting investment into the sector.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.