• Wednesday, September 27, 2023
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Energy industry experts propose digitalization for needed sector development

Global digital transformation presents abounding opportunities for Nigerian businesses

Experts in the energy sector have said that digitalization of the sector would be imperative to its growth as well as lead to an expansion of the value chain within the sector.

Key stakeholders who spoke at the Power Nigeria Exhibition and conference held at the Landmark center in Lagos recently, noted that digitalization of Nigeria’s energy sector would open up parts of the energy value chain to new players by removing natural synergies or barriers to entry.

According to them, data science, machine learning, blockchain, internet of things (IoT) are top technologies that would aid effective distribution of power and keep it cost effective.

Adebayo Johnson, general manager, PowerPro Company Limited, said that digitalization would lead to a disruption of the energy value chain with an emergence of new business structures that would lead to entrance of different players as well as create better trading of energy resources.

“Our physical assets would be gradually integrated unto digital platforms where we can collect, analyse data from them as well as respond to such data. This would ensure a seamless supply of energy to where it is needed at the right time and price.”

According to Deep Karani, exhibition director, Power Nigeria Exhibition and conference, the adoption rate of new technologies could be directly affected by regulations, as companies would have to worry about the legality and necessity of such technologies based on the available regulations.

“Nigeria, I believe is still running on old systems and there needs to be more energy efficient systems that come into play. Once these systems are changed, you would see in the next ten years, Nigeria will become the next biggest innovator of technology. When I speak to market players there is so much I learn about their vision of bringing new technologies into the country, but now we are just figuring out how regulation can play a role. As we all know regulation has been the biggest challenge so far. Once that comes in place and few things are being mandatory, it would bring good change to the country.

Speaking at the event, Gareth Rapley, group exhibition director, industrial portfolio, informal markets stated that the power sector in the country has opportunities for a lot of growth.

“Digitalization is at the forefront of many companies’ agenda today, I think across all sectors and not just the power sector. There are many areas that come into that digital transformation and I think we are just at the beginning of the journey over the coming years. There is a lot of opportunity to develop the market here in Nigeria.”   

Rapley also said that industry players need to start from the basics so as to enable them retrospectively introduce solutions that would offer opportunities to accelerate development of the energy sector.