The Nation Newspaper

Category: Business

  • ‘Arbitrary shipping costs threaten $3tr AfCFTA trade’

    ‘Arbitrary shipping costs threaten $3tr AfCFTA trade’

    The Federal Government has called on member states of the Union of African Shippers’ Councils (UASC) to take collective action against arbitrary shipping surcharges and unfair freight practices that continue to undermine trade competitiveness across West and Central Africa.

    Minister of Marine and Blue Economy, Adegboyega Oyetola, made the call while declaring open the Sub-Regional Seminar and Meeting of the UASC Standing Committee No. 1 in Lagos.

    The two-day event brought together delegates from 19 countries, maritime regulators, trade agencies, and logistics experts to review strategies for boosting trade readiness under the African Continental Free Trade Area (AfCFTA).

    Oyetola, represented by the ministry’s Permanent Secretary, Olufemi Oloruntola, stressed that the time had come for regional collaboration to address persistent challenges in port logistics, trade facilitation, and shipping cost regulation, all of which threaten the continent’s ability to harness AfCFTA’s full benefits.

    He said: “Arbitrary surcharges and high freight rates continue to erode trade competitiveness, placing undue burdens on importers and exporters. It is imperative for member states, through UASC, to engage constructively with shipping lines and international partners to ensure transparency, fairness, and equity in freight rate determination.”

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    The minister described AfCFTA as a “game-changing opportunity” for Africa’s economic transformation, offering access to a single market of over 1.4 billion people with a combined GDP exceeding $3 trillion. He warned, however, that without coordinated efforts to address logistics inefficiencies and unfair shipping practices, African economies risk being left behind.

    “Our vision is to build a resilient maritime transport system that supports inclusive growth and sustainable economic development. Together, we can make West and Central Africa a model of effective cooperation and readiness under AfCFTA,” Oyetola added.

    He reaffirmed Nigeria’s commitment to implementing resolutions from the meeting, noting that collective effort remains key to positioning the region as a competitive bloc in global trade.

    Also speaking, the Executive Secretary/CEO of Nigerian Shippers’ Council (NSC), Dr. Pius Akutah, said AfCFTA presents an opportunity for Africa to deepen regional integration, expand industrial capacity, and enhance participation in global value chains.

    He explained that in Nigeria, the Council has been implementing policies to improve port efficiency, promote multimodal transport, and develop inland dry ports and logistics hubs—critical enablers of AfCFTA and the World Trade Organisation’s Trade Facilitation Agreement (TFA).

    Expressing concern over the recent peak season surcharge introduced by some shipping lines, the NSC chief cautioned that arbitrary charges pose serious threats to trade growth and regional competitiveness.

    “Through constructive engagement at this forum, we can develop a unified regional position that promotes fairness, transparency, and sustainability in shipping practices. Our deliberations should lead to practical measures that enhance efficiency, reduce the cost of trade, and improve the overall competitiveness of our economies,” he said.

    The Secretary-General of UASC, Abdurahman Abba Kafougou, said the Lagos meeting builds on the outcomes of the Union’s last engagement in Luanda, Angola, in February 2024, and marks another step toward harmonising trade practices across the continent.

    He explained that Standing Committee No. 1 (Transport and Trade) and Standing Committee No. 2 (Cooperation and Regulation) serve as UASC’s technical arms, driving studies and recommendations that shape policy direction across member states.

    Kafougou noted that discussions at the Lagos forum would focus on maximising AfCFTA opportunities for shippers, proper application of Incoterms 2020, reducing cargo delivery time and costs, and developing reliable cross-border information platforms.

    “These issues are crucial to reducing trade bottlenecks and improving competitiveness across our sub-region. I encourage all experts present to engage in in-depth discussions that will lead to actionable recommendations for adoption by the UASC Executive Committee,” he said.

    He commended Nigeria and the NSC for their leadership and continued support to UASC’s regional agenda, describing the meeting as “another milestone in strengthening trade and transport cooperation among member states.”

    In his remarks, the Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Dayo Mobereola, underscored the need to address digitalisation, infrastructure, and connectivity challenges for AfCFTA readiness.

    Represented by Nneka Obiano, a NIMASA Director, Mobereola said the agency is advancing the digitalisation of maritime operations and pushing for an integrated port community system to streamline processes and enhance efficiency.

    “A fully integrated port community system is an urgent necessity for achieving AfCFTA’s goals,” he said, noting that NIMASA will continue to strengthen collaboration with the Shippers’ Council and other UASC members.

    Similarly, the Comptroller-General, Nigeria Customs Service (NCS), Adewale Adeniyi, represented by Comptroller Emmanuel Oshoba, called for pragmatic reforms to address regional trade facilitation challenges.

    He highlighted the importance of adopting competitive freight pricing mechanisms and aligning customs procedures with AfCFTA’s framework to enhance economic integration.

    “Aligning customs processes with AfCFTA objectives will help reduce trade barriers and promote competitiveness across Africa,” Adeniyi stated.

    As the two-day UASC seminar and meeting, hosted by the Nigerian Shippers’ Council, continues, participants are expected to produce resolutions that will guide policy harmonisation and shape maritime trade frameworks across West and Central Africa in line with the AfCFTA’s objectives.

  • Women miners’ conference to promote local crafts

    Women miners’ conference to promote local crafts

    Women in Mining Nigeria (WIMIN) has reaffirmed its commitment to empowering women in the country’s mineral sector.

    The association also announced major plans for the upcoming Gold and Gemstone Conference and Exhibition scheduled for between November 26 and 28, 2025, in Lagos.

    Speaking in Lagos at a send-forth event in honour of Miss Universe Nigeria 2025, Basil Onyinyechi, who will represent the country at the global Miss Universe contest in Thailand, Chairperson of the Women in Mining Gold and Gemstone Conference and Exhibition Planning Committee, Mrs. Adesuwa Dan-Princewill, said the association was not only focused on transforming Nigeria’s mining landscape but also promoting local craftsmanship and value addition to the nation’s rich mineral resources.

    She said that this year’s event, which has gained recognition across Africa and is now being held in five countries — including Egypt, Kenya, Zambia, Ghana, and Nigeria — will feature masterclasses, exhibitions, plenary sessions, and a gala night designed to showcase innovation, capacity building, and sustainable development in the industry.

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    She said that the event will begin with masterclasses from November 26, led by Labi Akapa, a globally acclaimed jeweler who has designed pieces for royalty around the world. The main conference and exhibition will follow on November 27 and 28, with participation expected from over 55 countries.

    The highlight of the five-day event will include a Jeweler Fashion Runway, where local jewelers will display their pieces alongside Nigerian couture fashion. The Gala Night on November 28 will also feature a jewelry-making competition with categories in beadwork and metalsmithing, aimed at discovering and mentoring new talents.

    Dan-Princewill said the upcoming conference aims to equip many local miners on how to turn rough stones into luxury items that meet international standards.

    “Women in Mining is very passionate about women’s empowerment and youth empowerment. We believe it’s time for Nigerians to take control of our own resources and develop them locally. We don’t want to keep exporting rough minerals for pennies on the dollar,” Dan-Princewill said.

    She added: “By the time participants finish our masterclasses, they will know how to identify real gemstones and create world-class jewelry. We are teaching Nigerians how to turn rough stones into luxury items that meet international standards.”

    Beyond promoting the technical aspects of mining, Women in Mining is also integrating fashion and cultural expression into its advocacy. As part of that vision, the organisation has thrown its weight behind Miss Universe Nigeria, who will represent the country at the Miss Universe 2025 pageant in Thailand.

     Mrs. Dan-Princewill explained that the queen’s crown is a true symbol of Nigerian talent and pride because it was completely designed and made by Nigerian women working in mining and jewelry design. She said the crown shows how creative and skilled Nigerian women can be when given the chance.

    “The gemstones on her crown were mined by Nigerians, cut by Nigerians, and crafted by one of our young jewelers, Kiki Chiori, in collaboration with Tejiri Incorporated. This shows that we have the talent and capacity to produce luxury items locally,” Dan-Princewill noted.

    “We are sending her out not just for the pageant, but to tell the world that Nigeria is ready — that we can source responsibly, design beautifully, and compete globally.”

    Women in Mining Nigeria currently has active chapters in 28 states across the country and continues to advocate for the inclusion of women in both artisanal and executive roles within the mining sector.

    The Gold and Gemstone Conference and Exhibition remain one of the flagship events driving Africa’s conversation on value addition, traceability, and responsible sourcing, key factors in ensuring that the continent benefits more from its mineral wealth.

  • Competition to empower entrepreneurs

    Competition to empower entrepreneurs

    234Finance, a platform that promotes African entrepreneurship through capacity building, mentorship and access to finance, has announced the launch of its Pitch2Scale Africa Competition, taking place alongside the upcoming Mentor Matchup Challenge (MMC) 7.0 from December 4–5, 2025, at the Lagos Oriental Hotel.

    Developed in collaboration with seasoned angel investor Sam Uduma, the Pitch2Scale Africa Competition is designed to empower high-potential African founders by providing visibility, access to funding, mentorship, and market expansion opportunities.

    A statement by the organisers of the competition said one outstanding entrepreneur will secure $10, 000 in investment funding, along with strategic support to accelerate business growth and scale operations.

    Convener of MMC7.0 and Managing Partner at 234Finance, Ezinne Nwazulu, predicts that the future of trade in Africa will be massive as the world will come to the continent to seek answers to its toughest challenges. “African entrepreneurs need to be ready and poised to take advantage of this, and MMC is laying the foundation,” she said.

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    The competition will target entrepreneurs operating in agribusiness, manufacturing, energy, hospitality & tourism, and the creative economy, offering them a unique opportunity to pitch their ventures to a panel of judges composed of angel investors, business accelerators, financial institutions, and policymakers at MMC 7.0.

    Speaking on the collaboration with Pitch2Scale Africa, Uduma emphasized that: “Entrepreneurs are the backbone of Africa’s growth story. My commitment to Pitch2Scale Africa is to identify and back bold founders who are ready to create scalable businesses that can thrive within Africa and beyond.”

    On his part, Head of Partnerships at 234Finance, Tolu Olawumi, said: “Pitch2Scale Africa reflects the very essence of MMC 7.0’s theme. We are creating a platform where African founders can showcase their innovation, secure capital, and build the right partnerships to compete locally and scale globally.”

    With over 30 industry-leading speakers, including family offices and key ecosystem players, MMC 7.0 is set to be one of the most influential gatherings for Africa’s entrepreneurial ecosystem this year.

    More than 1,000 delegates and exhibitors from Nigeria, Ghana, Cameroon, Kenya, South Africa, Zambia, Mozambique, and other African countries will converge in Lagos, creating an unparalleled platform for networking, knowledge exchange, and deal-making.

    But beyond the Pitch2Scale Africa Competition, delegates will access mentorship clinics, financial institutions seeking to invest, free financial advisory, masterclasses, exhibition opportunities, and strategic partnerships, all designed to accelerate business growth and scale operations.

    Entrepreneurs eager to take their businesses to the next level are encouraged to sign up for updates on the Pitch2Scale Africa Competition via the MMC website: www.234finance.com/mmc.

  • Court stops PENGASSAN from disrupting Dangote Refinery

    Court stops PENGASSAN from disrupting Dangote Refinery

    The National Industrial Court in Abuja has stopped the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) from carrying out its nationwide strike aimed at shutting down the Dangote Petroleum Refinery.

    In his ruling, Justice Emmanuel Sublim, granted and an interim order restraining PENGASSAN and its allies from cutting crude and gas supply to the facility. He warned that the planned strike could deal a heavy blow to Nigeria’s fragile economy.

    The order also tied the hands of the Nigerian National Petroleum Company Limited (NNPCL), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from carrying out any directive by PENGASSAN to choke supply lines to the refinery. The case has been adjourned till October 13 for hearing.

    Meanwhile, Dangote Petroleum Refinery has assured Nigerians of uninterrupted supply of petroleum products, including petrol, diesel, aviation fuel, kerosene and cooking gas despite threat by PENGASSAN.

    The assurance comes amid reports of a planned attack on the refinery, allegedly involving PENGASSAN members and hired thugs. According to intelligence sources, the plot seeks to disrupt critical units of the facility, particularly those responsible for petrol production.

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    PENGASSAN had over the weekend ordered its branches in oil majors like TotalEnergies, Chevron, Seplat, Shell Nigeria Gas, Oando and others to shut down all crude oil valves to Dangote Refinery.

    “All crude oil supply valves to the refinery should be shut. Loading operations for any vessel headed to the refinery should be halted immediately,” the union declared.

    In response, Dangote Petroleum Refinery described the directive as “lawless acts and sabotage against Nigeria and its people,” stressing that the union’s claims of anti-labour practices were unfounded. The company reiterated that its recent internal reorganisation was aimed at curbing repeated sabotage within critical units and was not directed at Nigerian staff.

    “More than 3,000 Nigerians remain fully employed at the refinery and continue to have unrestricted access to the facility,” the company said, adding that only a very small number of staff were affected by the review process.

    Sources confirmed that the refinery has requested heightened protection and surveillance, warning that the alleged plot was at an advanced stage.

    “We are calling on security agencies to be on alert as this plan is targeted at crippling the operations of the refinery and preventing the supply of refined petroleum products, especially petrol,” one source noted.

    The company further alleged that the planned disruption is part of a broader strategy to undermine Nigeria’s progress in domestic refining and push the country back into dependence on imported fuel.

    “Despite the sabotaging acts of PENGASSAN and its allies, Dangote Refinery is determined to continue with uninterrupted production and supply of petroleum products to the Nigerian people and businesses,” noted the source.

    The refinery stressed that heightened surveillance is vital as intelligence reveals PENGASSAN’s plot to physically sabotage its facilities, targeting critical units to enforce shutdown threats.

  • Fed Govt reaffirms commitment to gender equity in innovation agenda

    Fed Govt reaffirms commitment to gender equity in innovation agenda

    Federal Ministry of Innovation, Science and Technology  has reiterated its commitment to promoting gender equity as a core pillar of its innovation and development agenda.

    Permanent Secretary of the Ministry, Mrs. Esuabana Nko Asanye, stated this during a one-day workshop on Advancing Gender Mainstreaming in Science, Technology and Innovation in Abuja.

    Represented by the Head of Gender Unit, Mrs. Dola Ronnel Gambo, Mrs. Asanye said the Ministry is working tirelessly to ensure that gender equality becomes an integral part of all its projects and programmes.

    According to her, gender mainstreaming is not an afterthought but a deliberate and systematic approach to integrating gender perspectives into every stage of the Ministry’s mandates and operations.

    “Science, technology and innovation  being the bedrock of national development, has the potential to transform all sectors of the economy. However, gender disparities still persist within the landscape as women continue to face barriers in access to funding, mentorship, and technology infrastructure,” she noted.

    She emphasised that the workshop provided an invaluable opportunity for stakeholders to reflect, share experiences, and chart a practical pathway for implementing gender mainstreaming across the STI sector.

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    She added that the insights and recommendations from the deliberations would serve as a guide for institutional strengthening within the Ministry and beyond.

    Asanye further urged participants to engage actively and exchange ideas that would help build a future where innovation serves everyone, regardless of gender.

    In her remarks, the Gender Desk Secretary of the Ministry, Mrs. Eneh Fisayo Omawumi, described the workshop as timely and essential, noting that gender mainstreaming in science and technology is not only about fairness but also about driving efficiency, innovation, and sustainability for national development.

  • CITN reaffirms roles of professionals in tax policy implementation

    CITN reaffirms roles of professionals in tax policy implementation

    Chartered Institute of Taxation of Nigeria (CITN) has reaffirmed significant roles tax professionals play in the implementation and administration of key tax policies of the Federal Government.

    Speaking during the opening of the Legal Practitioners’ Conversion training on tax issues, President/ Chairman of Council, CITN, Innocent Ohagwa, noted that the taxation environment is undergoing significant reforms, especially with the four landmark legislations assented to by President Bola Tinubu.

    He disclosed the significance of the laws and how their effective implementation will continually improve tax collections in the country.

    He applauded the harmonization of Nigeria’s tax statutes, which has simplified compliance processes, and strengthened institutional accountability.

    He advised tax professionals to play greater roles, not only in understanding the provisions and implications of new laws, but also in providing sound advisory services, ensuring accurate application, and upholding the principles of taxation with the highest standards of technical competence, professionalism, and ethical integrity.

    Ohagwa was represented at the event by the institute’s Vice President, Simon Kato.

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    According to him, tax professionals need right skills adding that becoming an effective tax professional requires more than a grasp of statutes.

    While recognising the vital role that legal professionals play in promoting fairness and accountability in tax practice, he said integrating their legal background with sound tax knowledge will not only enhance their professional competence but also contribute immensely to national development.

        Also speaking, Deputy Director, CITN Tax Academy, Yetunde Suleiman, advised participants to uphold the values of integrity and professionalism.

        He said the programme is designed for members of the legal profession who seek to acquire formal competence and professional recognition in the field of taxation, representing the convergence of law and taxation.

        On his part, the Deputy Director at the Federal Inland Revenue Service (FIRS), Okeowo Taiwo, explained that a well-structured tax system is designed to provide stable funding for public goods and services like infrastructure, healthcare, and education.

        He added that such tax system is also expected to facilitate sustainable economic development and growth, address income inequality and promote social equity, serve as a tool to manage inflation and stabilize the economy and promote accountability and responsible management of public funds.

        He said that as legal practitioners, participants are uniquely positioned to add value across the tax spectrum, such as tax advisory, dispute resolution, statutory compliance, policy advocacy, and taxpayer education.

        Also speaking, Director, International Tax Department, FIRS, Abdullahi Aliyu highlighted the significance of tax laws to legal practitioners. He said that lawyers interpret, negotiate, and litigate tax treaties. They also support governments in treaty drafting and mutual agreements and advise clients on cross-border compliance and dispute resolution.

  • $100b annual investment needed to bridge Nigeria’s $2.3tr infrastructure gap, says ICRC

    $100b annual investment needed to bridge Nigeria’s $2.3tr infrastructure gap, says ICRC

    The Infrastructure Concession Regulatory Commission (ICRC) has said Nigeria’s infrastructure deficit, estimated at over $2.3 trillion, will require sustained annual investments of about $100 billion until 2043 to overcome.

    The commission said the renewed investor confidence, following Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list, would boost the inflow of new financing and accelerate efforts to address the country’s infrastructure challenges through well-structured Public-Private Partnerships (PPPs) and private-sector-driven financing models.

    In a statement yesterday in Abuja, the ICRC said the FATF delisting marked a pivotal moment for Nigeria’s investment climate.

    It described the development as a magnet for global financiers seeking credible opportunities.

    “The ICRC believes this milestone will serve as a magnet for institutional investors, impact funds, and global financiers seeking credible, transparent, and rewarding investment opportunities in Nigeria’s infrastructure space,” it said.

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    The commission noted that the administration of President Bola Ahmed Tinubu has provided a clear policy direction that has repositioned the ICRC for greater efficiency and impact in managing Nigeria’s PPP portfolio.

    “Under this leadership, the ICRC has streamlined PPP processes to fast-track project delivery, secured and implemented Presidential approval for new project approval thresholds of N20 billion and N10 billion for Ministries, Departments, and Agencies (MDAs) to accelerate smaller projects, and issued a comprehensive regulatory framework providing clear, step-by-step guidelines from project conception to hand-back,” the statement said.

    The ICRC urged local and international investors to seize the opportunity presented by Nigeria’s improved financial standing to collaborate with the government on transformative infrastructure projects across critical sectors, such as transportation, power, water, healthcare, and technology.

    “Nigeria is open for business like never before,” said ICRC’s Director-General, Dr. Jobson Oseodion Ewalefoh.

    “With FATF’s delisting and our strengthened PPP framework, the stage is set for a new wave of infrastructure investment that will redefine Nigeria’s economic landscape.”

    Ewalefoh noted that the country’s removal from the FATF grey list not only enhances Nigeria’s credibility in the global financial system but also improves its risk profile for international investors.

    “Nigeria’s clean financial bill means lower risk premiums, smoother cross-border transactions, and renewed investor confidence,” he said. “It directly strengthens our mission at ICRC to attract innovative financing that bridges Nigeria’s infrastructure gap.”

    The commission reaffirmed that the current policy environment provides an unprecedented opportunity for partnerships that can deliver sustainable and inclusive infrastructure growth, positioning Nigeria as a major investment destination in Africa.

  • BO Properties summit charts course for real estate wealth, retirement security

    BO Properties summit charts course for real estate wealth, retirement security

    A convergence of over 70 investors, realtors, and financial experts in Lagos has underscored the growing appetite for real estate as a primary vehicle for passive income and a secure retirement. The gathering was at the maiden BO Properties Investor Summit held recently.

    The summit, with the theme “Shaping Tomorrow Together: Real Estate for Passive Income and Retirement,” served as a strategic forum for portfolio review and knowledge sharing.

    Attendees, many of whom are long-term partners of the real estate firm, received detailed presentations on the progress of ongoing projects, the performance of their invested capital, and future projections.

    A key highlight was a roundtable discussion that moved the conversation beyond conventional real estate approaches. Experts illuminated the evolving landscape, highlighting opportunities in high-yield areas like short-let properties and co-living spaces.

    A representative from BO Properties explained the shift in investor mindset, stating, “The conversation went beyond the traditional ‘buy-and-wait’ mindset. We helped many see that real estate isn’t simply a store of value; it’s a living, growing financial tool that can fund dreams and ensure comfort long after active work life ends.”

    This perspective was central to the summit’s goal of empowering investors towards financial independence. The discussions focused on how strategically managed property investments can generate consistent cash flow, thereby providing a safety net for retirement.

    In appreciation of investor loyalty, the company offered exclusive discounts on select properties and upcoming developments. This initiative was designed to provide both new and returning investors an advantageous entry point to expand their portfolios.

    With a call to action for those who missed the event, BO Properties is inviting more Nigerians to join its growing investment community, positioning the summit as a starting point for broader participation in the real estate sector.

  • Nigeria’s new global gas roles to spur investment, jobs — Minister

    Nigeria’s new global gas roles to spur investment, jobs — Minister

    Nigeria’s emergence in two top leadership positions in the global gas industry will unlock fresh investment, create jobs, and accelerate the nation’s gas-driven economic agenda, Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, said on Thursday.

    Speaking to journalists after briefing President Bola Ahmed Tinubu at the State House, Abuja, Ekpo said the appointments — Nigeria’s Dr. Philip Mshelbila as the next Secretary-General of the Gas Exporting Countries Forum (GECF) and his own selection as President of the GECF Ministerial Council for 2026 — mark “a big win for Nigeria” and will translate to greater investor confidence and project inflows.

    “With us having the Secretary-General, other gas-exporting countries will be interacting with him, and our regulations will become more visible globally. This will attract more projects into the country, create job opportunities, and help us leverage our 210 trillion cubic feet of gas to drive the economy. It is a big deal for our country,” the Minister said.

    Ekpo, who attended the GECF election in Doha on October 23, said Nigeria’s dual victory was made possible by President Tinubu’s prioritisation of natural gas as a key national asset.

    He added that the development will help boost gas exploration and supply, including for vehicles converted to run on gas, noting: “There is going to be growth in the upstream. It is going to be a game-changer with the position we are attaining.”

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    According to him, President Tinubu was pleased with the outcome and urged the Nigerian delegation to be “good ambassadors” of the country.

    Dr. Mshelbila, Managing Director/CEO of the Nigeria LNG Limited (NLNG) and incoming GECF Secretary-General, said the global significance of the role positions Nigeria at the centre of a bloc that controls around 70 percent of the world’s gas reserves and half of global LNG exports.

    “This gives us the opportunity to coordinate and lead gas-exporting countries. Nigeria has always been seen as gas-rich but has not fully exploited its resources. On the platform of the Decade of Gas, we can now pursue upstream, midstream, and downstream projects that unlock these opportunities, much like Qatar and the United States have done”, Mshelbila said.

    The incoming GECF chief pledged to leverage the forum’s influence to support Nigeria’s gas growth strategy and deepen international cooperation in the sector.

  • Africa must scale up energy supply quickly, says Transcorp CEO

    Africa must scale up energy supply quickly, says Transcorp CEO

    A call for Africa’s inclusion on energy access received a boost at the ongoing 9th Edition of the Future Investment Initiative (FII9) where Transcorp’s President/Group Chief Executive Officer, Dr Owen D. Omogiafo, spoke on the evolving nature of the global “Energy Trilemma” during a high-level plenary session.

    The discussion at the annual forum hosted in Riyadh, Saudi Arabia, focused on the imperative of maintaining energy security to power economic growth, including the AI revolution, while ensuring a sustainable energy future.

    Omogiafo, who spoke alongside global energy leaders across Europe, the United States, the Middle East and Asia, on the topic: “Board of Changemakers: The Energy Trilemma,” said Africa needs to improve its energy supply, and quickly too.

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    “I am from Nigeria, and my company is driving energy transformation. What we are looking at is not so much about whether we are transiting; it is creating greater access to energy for all. The gap is huge, and we all need to be conscious of it in energy conversations,” she said, highlighting Africa’s energy deficiency challenge.

    “It will interest you to know that about 70 or 80 per cent of people with no access to electricity are in Africa, which is very disturbing, I believe. Today, the world is concerned about immigration. The people who are migrating are not migrating because they hate their homes, or because they hate their families, but because they feel they have to.”

    Owen reiterated to the audience that Africa’s priority remains “increasing the access to power and driving greater inclusion.” She said: “Affordability is right up there, and I will also tell you, the numbers we run in Nigeria, renewable is not cheaper for us.

    “The only renewable that today is cheaper is the hydro and that’s because it’s been made a long time ago, the investment is already there, we have got the water but when I look at the statistics of my country Nigeria, just 12% of the power that goes to the grid comes from hydro, the remaining is from fossil, gas fired powered plants.”

    Reflecting on the panel, Owen affirmed that “It is not either-or; we (Africa) do need to expand access, leveraging technologies including off-grid and mini grid sources to ensure that the Continent that has the largest number of young people in the world, is included in the energy solutions, with industrialisation at the core of it.”

    She emphasised that for Africa, the solution must be pragmatic and inclusive. We must secure affordable power today to drive the development that will enable the sustainable energy systems of tomorrow.