Nigeria’s $1tn economy by 2030 will be possible with access to affordable, reliable, sustainable energy – Experts

… As stakeholders call for collaboration to drive innovation, sustainable energy development

Energy experts have hinged Nigeria’s journey to becoming a $1 trillion economy by 2030 on access to affordable, reliable, sustainable and modern energy.

This is as the stakeholders called for stronger public-private collaboration among industry, academia and government to drive innovation and sustainable development.

In his welcome address at the fourth edition of the Dr. Diran Fawibe Annual Lecture Series held at the International Conference Centre, University of Ibadan, Bayo Ige, Managing Director and Chief Executive Officer of International Energy Services Limited (IESL) said energy is key to development saying that reliable energy remains indispensable to achieving several national development goals, including the Federal Government’s ambition of building a $1 trillion economy, increasing crude oil production to three million barrels per day, ensuring universal electricity metering and boosting local manufacturing.

The annual lecture, organised by IESL in collaboration with the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, focused on the theme: “Public-Private Energy Shift: Innovation, Investment, Implementation.”, Ige stated that the partnership provides annual research grants to support energy-related studies at the University of Ibadan, merit awards for outstanding students from four academic departments and the annual lecture series designed to bridge the gap between academia and industry.

“The collaboration has also produced several prototype technologies, including AI-powered solar irrigation systems, AI-powered solar dryers, AI-enabled smart meters, hybrid biodigesters, solar generators, agricultural robots and soil health monitoring systems aimed at addressing challenges in the energy and agricultural sectors.

Ige, who expressed optimism that discussions at the lecture would generate practical recommendations capable of strengthening Nigeria’s energy sector, urged stakeholders to regard the gathering as “a call to action” rather than merely another conference, stressing that sustainable development would depend on translating ideas into measurable outcomes.

The IESL boss, however, noted that developed nations share one common characteristic—the strong contribution of responsible corporate citizens to national development.

“The Nigeria we all yearn for will not happen by relying on the government alone. It will happen when industry does its part, academia does its part, individuals do their parts and corporate organisations take responsibility for the society they want to build,”.

“Therefore, like-minded organisations and investors must join hands with the IESL-CPEEL initiative in advancing research, innovation and human capital development to support Nigeria’s energy transition and long-term economic growth.

Diran Fawibe, Chairman of the Board of Trustees of CPEEL, while urging governments, industry leaders, universities and young professionals to move beyond dialogue and focus on implementing practical solutions, stated that the “nation’s energy security remains fundamental to industrialisation, economic growth, healthcare, education, employment generation and national competitiveness.

According to him, the future of our energy sector will increasingly be determined not by the volume of resources beneath our soil alone, but by our ability to transform those resources into reliable, affordable, sustainable and accessible energy.

“Innovation without investment remains an idea, while investment without implementation is merely a promise. There is a need for stable regulatory frameworks, greater investment in research and innovation, curriculum reforms in universities, expanded professional training and stronger public-private partnerships to accelerate investments in electricity, gas infrastructure and renewable energy.

Kayode Adebowale, professor and
Vice-Chancellor of the University of Ibadan, said universities must become active contributors to the country’s energy transition by producing research-driven, home-grown solutions.

“While Nigeria has developed numerous energy policies over the years, implementation has remained weak. For too long, the conversation has stopped at policy pronouncements. We have had abundant plans, but we often falter at the final hurdle—the implementation gap,” he said.

Adebowale noted that the University’s Centre for Petroleum, Energy Economics and Law is strengthening research on legal frameworks, economic models and technological innovations capable of supporting investment and improving energy efficiency.

Yinka Omorogbe (SAN), the Nabo Graham Douglas Distinguished Professor at the Nigerian Institute of Advanced Legal Studies (NIALS), Abuja, the keynote speaker at the lecture, identified investment and implementation as the critical pillars of energy transition, stressing that energy infrastructure requires patient capital attracted by policy credibility rather than national need alone, adding that capital follows credibility, not need alone.

While advocating that the country
must move from a government-dominated energy model to one where government provides an enabling environment, stated that the ongoing public-private shift in the energy sector should not be mistaken for privatisation or government withdrawal.

Omorogbe, who pinpointed weak synergy among government, industry and academia as one of the major hindrances to effective public-private partnerships in Nigeria’s energy sector, said: “We are no longer talking about policy declarations. We are talking about implementation, tangible projects and energy delivered, not energy promised,”.

” Nigeria’s gas reserves are central to industrialisation, manufacturing, clean cooking, energy justice and poverty reduction, insisting that government must remain a strong enabler capable of delivering public purpose through effective regulation and implementation.

“But the country’s abundant energy resources have yet to translate into improved access to electricity because of governance challenges, inadequate infrastructure and poor implementation.

“We are not talking about privatisation; we are talking about changing the structure of governance so that government enables, regulates and coordinates, while the private sector finances, innovates, builds and operates energy systems.

The government, she stressed, must recognise its role as an enabler by creating policies that stimulate investment and help innovators commercialise research outcomes.

On his part, Layi Fatona, Chairman of the occasion, said Nigeria’s abundant natural resources can only translate into prosperity if supported by sound policies, credible institutions, innovation and effective implementation.

Stressing the need for partnerships among government, industry and academia as indispensable to sustainable energy development, he posited that “no single institution can transform the energy sector alone. It requires collaboration. It requires trust. And above all, it requires execution,”.

According to him, countries leading the global energy transition are not necessarily those with the largest natural resource endowments but those capable of attracting investment, developing talent and implementing reforms consistently.