Energy transition: Create conducive environment that’ll attract investments – Experts
Benjamin Orisemeke
In order to fast track its energy transition programme, experts say Nigeria must create the right atmosphere that would attract domestic and international investments.
Speaking at the “Policy Dialogue on Sustainable Energy Transition” Monday in Abuja, they the government must ensure a conducive environment by developing its infrastructure as well as enhance polices that accelerate Nigeria’s energy needs.
Director of Power Component at the United Kingdom Nigeria Infrastructure Advisory Facility (UKNIAF), Frank Edozie, highlighted Nigeria’s unique position in the energy transition landscape, arguing that external assistance alone cannot solve the country’s challenges.
“The help we need cannot come from outside. We must create the environment to attract the help we need. we have had an exodus of international investment. International investors are leaving Nigeria for countries like Kenya, Ghana, and South Africa. To reverse this trend, we need to establish the right conditions for investment,” Edozie said.
He stressed the critical role of natural gas in bridging Nigeria’s energy deficit, stating that renewable energy sources alone cannot provide universal access in the short term.
“People need power, and until we achieve universal energy access, we will remain underdeveloped. Solar energy alone cannot meet our needs, especially during non-sunny hours. Gas is essential for powering our plants and ensuring reliability,” he added.
He also called for the utilization of Nigeria’s untapped non-associated gas reserves in inland basins to drive industrial growth and power generation.
Touching on climate finance and its role in funding Nigeria’s energy transition, Edozie criticized the lack of projects that attract significant climate finance, describing it as “a pie in the sky” without actionable plans.
“We must focus on development projects that have measurable impacts on people and generate returns for investors. This will make Nigeria more attractive for climate finance,” he said.
On his part, Lead for Domestic Energy Transition at the Natural Resources Governance Institute (NRGI), Aaron Sayne, stressed the importance of aligning infrastructure and policy to ensure a seamless transition. He highlighted the challenges of balancing gas and renewable energy sources.
“For gas, you need long-term production planning. For renewables like solar and wind, the issue is managing their intermittency,” Sayne explained. “If we fail to balance these energy sources effectively, we risk overpaying for fuel or electricity we do not use or facing supply disruptions.”
Doris Edem Agbevivi, Lead Project Coordinator for Ghana’s Drive Electric Initiative, while sharing lessons from Ghana’s energy transition a strong regulatory oversight, private-sector involvement, and public awareness are crucial in driving renewable energy adoption.
“We have seen progress in Ghana through targeted policies and public-private partnerships. Nigeria must adopt similar strategies to attract investments and transition sustainably,” she said.
