Nigeria’s $1trn economy possible with access to affordable, sustainable energy – Experts

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.

Bayo Ige, Managing Director of International Energy Services Limited (IESL), who led the discussants at the 4th Diran Fawibe Annual Lecture Series held at the University of Ibadan, said energy is key to development, adding: “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”, as 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.

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.

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, who is 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”.