Tag: Energy

  • Firm mobilises 24-hour global campaign to accelerate clean energy transition

    Firm mobilises 24-hour global campaign to accelerate clean energy transition

    As the world marks the 4th International Day of Clean Energy, Sustainable Energy for All (SEforALL) has unveiled plans to roll out a 24-hour global clean energy campaign, anchored by a series of physical and virtual events across Sub-Saharan Africa, Europe and other regions.

    The initiative underscores the company’s global mandate to accelerate energy transitions in emerging and developing economies by working at the intersection of energy, climate and development. Through partnerships with governments, development institutions and the private sector, SEforALL supports efforts to decarbonise energy systems, expand energy access and catalyse green industrial growth.

    The campaign will spotlight solutions that deliver sustainable energy to households, businesses, public services and entire economies—opening pathways to a more resilient, inclusive and prosperous future.

    Central to the company’s work is the Universal Energy Facility (UEF), a multi-donor fund launched in 2020 to fast-track progress on SDG7 and the Paris Agreement.

    The UEF provides results-based incentive payments to clean energy companies that deploy verified electricity connections through mini-grids and stand-alone solar systems, as well as clean cooking solutions that meet predefined service standards across Sub-Saharan Africa and beyond.

    As part of the International Day of Clean Energy, the company named by the United Nations as one of the official leaders of the Day—will roll out a 24-hour clean energy activation, alongside three flagship events spanning two continents.

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    The campaign will focus on two often under-prioritised pillars of the global energy transition: clean cooking and innovative financing models for electricity access in underserved communities.

    Despite notable global progress, more than 2.1 billion people still depend on polluting fuels such as firewood and charcoal for cooking—exposing households to dangerous indoor air pollution, accelerating deforestation and worsening climate change. Meanwhile, large parts of Sub-Saharan Africa remain without reliable electricity, constraining economic growth and access to essential services.

    Driven by the conviction that both challenges are solvable with existing technologies and targeted investment, SEforALL’s Clean Energy Day activities will connect local action with global impact.

    In Lagos, Nigeria, SEforALL will convene policymakers, private-sector leaders and community stakeholders for an in-person Clean Cooking Experience, combining a policy roundtable with live demonstrations of clean cooking technologies available in the Nigerian market. The event will highlight the health, climate and economic gains of transitioning away from polluting fuels.

    In Vienna, Austria, the company will host a high-level event bringing together ambassadors, government officials, international partners, youth leaders and the media to spotlight clean cooking in schools. The programme will feature a panel discussion, a photo exhibition and a reception showcasing how modern cooking solutions can improve health outcomes, protect the environment and enhance education for millions of children globally.

    SEforALL will also mark the fifth anniversary of the Universal Energy Facility, demonstrating how results-based financing is expanding electricity access across Sub-Saharan Africa. The event will include the announcement of a new European Union- and Danish Government–funded initiative aimed at accelerating private-sector investment in green mini-grids in Sierra Leone, alongside the opening of a new call for applications.

    In addition, the company will launch “24 Hours for Clean Energy,” a digital activation inviting individuals, businesses and organisations worldwide to share commitments and actions in support of SDG7. Using the hashtags #InternationalDayOfCleanEnergy and #CleanEnergyDay, participants will help create a shared global moment of visibility and solidarity around clean, affordable and reliable energy.

    By linking grassroots engagement with global advocacy, SEforALL’s Clean Energy Day activations reinforce the message that energy poverty, climate action and development are deeply interconnected—and that solutions delivered in one part of the world generate benefits for all.

  • Energy activists kick against proposed Commission for Decommissioning Oil and Gas Installations

    Energy activists kick against proposed Commission for Decommissioning Oil and Gas Installations

    Hundreds of placard-carrying activists stormed the streets of Abuja this morning as the Energy Reforms Advocates of Nigeria (ERAN) declared total war on the National Commission for the Decommissioning of Oil and Gas Installations (NC-DOGI) Bill, 2024.

    At a briefing ERAN Executive Director, Comr. Abba Henry, tore into the proposed law, calling it “another feeding bottle for the boys” and “a poisoned dagger aimed at the heart of the Petroleum Industry Act (PIA).”

    “Nigeria is broke. Our debt is choking us. Yet some senators want to birth a brand-new commission that will swallow billions just to watch old pipes rust,” Abba said. 

    “We already have the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). 

    “They have the staff, the laws, the labs, and the muscle to decommission any platform from Bonny to Forcados. 

    “Why create a third referee when the field already has two?”

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    The activists warned that NC-DOGI will only breed confusion, scare investors, and open fresh pipelines for corruption. 

    “One agency will approve the plan, another will supervise the cutting, and the third will fight over who collects the contractor’s kickback. Investors hate chaos. 

    “They will simply take their dollars to Ghana,” Abba said.

    He reminded reporters that the PIA, signed only four years ago after twenty years of labour, is still settling. 

    “The ink is still wet. Don’t tear the book to add a new chapter nobody asked for.”

    ERAN unveiled a five-word battle cry—“KILL THIS BILL”—and promised to flood the National Assembly gates with petitions, live-stream town halls in every oil community from Eket to Yenagoa, and drag the bill to court if it smells passage.

    “Nigerians are awake. We will name and shame every senator who votes for this money-guzzler. History will record their greed,” the director vowed.

    Speaking directly to the Senate President and Speaker of the House, Abba issued a blunt ultimatum: “Do not keep it alive. Do not smuggle it. 

    “Do not rename it. Bury it today so Nigeria can breathe tomorrow.”

  • Clean energy future hinges on affordable naira loans

    Clean energy future hinges on affordable naira loans

    • By Clement Chisom John

    Sir: Nigeria stands at a turning point. With ambitious targets for universal electricity access and clean energy adoption, the country’s renewable energy sector must scale up fast. But one stubborn obstacle continues to slow progress,  the lack of affordable, naira-based concessional financing, especially for women, low-income consumers, and emerging enterprises.

    While policymakers talk up renewable energy and pilot projects show promise, the ecosystem for local-currency concessional loans remains weak and underfunded. Institutions like the Bank of Industry, the Development Bank of Nigeria, and the Central Bank have rolled out some concessional facilities, but these remain a fraction of what is required. Industry estimates put Nigeria’s renewable energy financing gap at a staggering N11.4 trillion.

    The shortfall is felt most sharply by early-stage developers and mini-grid operators working in rural communities. They often face high interest rates (running at high as 19 – 23%), short loan maturities (mostly below three years), rigid collateral demands, and repayment schedules that make long-term project viability difficult. Consumer finance schemes targeting bottom-of-the-pyramid households and women-led businesses exist, but they are either too small or difficult to access.

    One major problem is that Nigerian lenders, from commercial banks to microfinance institutions, often lack the capital, and the appetite to issue large or long-term naira loans for renewable energy projects. Many financiers remain unfamiliar with the business models, viewing them as risky.

    That perception is compounded by the profile of many developers who are mostly young, undercapitalized firms with limited collateral. Policy shifts and regulatory delays also add uncertainty, making banks even more cautious.

    Read Also: Fed Govt opens doors to local, foreign partnerships on renewable energy

    Projects aimed at last-mile rural electrification tend to deliver low returns in the short term, which is unattractive to profit-driven lenders unless external de-risking tools are in place. And with Nigeria’s renewable energy market still relatively young, the lack of proven, bankable projects only deepens investor hesitation.

    A further gap exists in financial sector expertise. Many lenders have no in-house staff trained in renewable energy project finance. Data that captures the distinct needs of women entrepreneurs or poor consumers is rare, leading to products that inadvertently exclude them.

    Some projects have bucked the trend. In 2023, four solar hybrid mini-grids in Osun State, developed through a public-private partnership between Aradel Renewables Limited and Concerto, brought reliable power to 1,200 homes. The scheme relied on blended finance, community engagement, and risk-sharing – demonstrating what is possible with the right mix of support.

    In 2025, off-grid solar giant, Sun King secured the naira equivalent of $80 million in local-currency loans for product deployment – a rare large-scale deal in the sector. Meanwhile, the African Climate Foundation and Konexa combined technical support with guarantees to unlock over $34 million in capital for Nigeria’s first private renewable energy trading platform.

    Yet such examples remain exceptions rather than the norm.

    Nigeria must act decisively. One proposed solution is a “Nigeria Renewable Energy Credit Facility” a Central Bank-led fund pooling capital from public, donor, and pension fund sources to provide long-term, low-interest naira loans. Incentives for banks, such as regulatory mandates or preferential reserve ratios for renewable lending, could also push capital toward the sector.

    Expanding credit guarantee schemes, introducing partial risk guarantees, and combining donor grants with private capital through blended finance models could further de-risk investments. Dedicated “Gender and BoP Renewable Bonds” could earmark funds for women-led enterprises and community cooperatives, while pay-as-you-go models could help rural consumers afford clean power.

    Capacity-building will be key. Financial institutions need training in renewable energy risk assessment and business models, while market aggregation platforms could pool smaller projects into portfolios that attract bigger investors. Policymakers are also urged to fast-track frameworks for green bonds and securitization, collect gender-disaggregated financing data, and offer tax breaks or interest subsidies for inclusive projects.

    Experts stress that intentional gender inclusion is not just a fairness issue but a growth driver. A minimum share of concessional and blended finance could be directed to women-led projects. Partnerships with civil society could help women entrepreneurs build investment readiness, increasing their success rates and community impact.

    Unlocking naira-based concessional finance will not be easy, but the rewards are significant. Done right, it could close Nigeria’s energy access gap, create jobs, stimulate sustainable economic growth, and position the country as a leader in Africa’s clean energy revolution. The question now is whether policymakers and financiers are willing to take bold, targeted action – before the opportunity slips away.

    •Clement Chisom John,

    Renewable Energy Association of Nigeria, Abuja.

  • FG: All varsities to be energy-sufficient next year

    FG: All varsities to be energy-sufficient next year

    …Sanwo-Olu directs an immediate intervention to address LASU’s power challenges

    The Federal Ministry of Education on Wednesday announced that by next year, all tertiary institutions in Nigeria will run on mini-grids that will make them fully energy-sufficient.

    The Minister of State for Education, Dr. Tunji Alausa, made this known at the commissioning of the newly built Olatunji Bello Auditorium, a 550-capacity multi-purpose hall donated to the Lagos State University (LASU), Epe campus, by the Chief Executive Officer of the Federal Competition and Consumer Protection Commission (FCCPC), Olatunji Bello.

    Alausa said, “The President has committed that by this time next year, literally all tertiary institutions in the country will have mini-grids that will make them energy sufficient. We need this to unleash the capabilities of our youth in the area of research, technology, and everything they do.”

    He revealed that a 5MW mini-grid has already been approved for LASU’s Epe campus, while TETFund will deliver an 11MW mini-grid for the main campus.

    The Minister praised donor Bello for building the 550-seater ultra-modern auditorium, calling it “a living testament to how visionary citizens can shape institutions and inspire generations.”

    In his speech, Governor Babajide Sanwo-Olu, who commissioned the project, directed an immediate intervention to address LASU’s power challenges, announcing that a dedicated 5-megawatt power supply will soon be delivered to the institution.

    The governor said the power project was part of broader efforts to resolve electricity shortages in Epe. “This campus, in the very near future, will be seeing a five-megawatt dedicated power supply. It will bring an end to the electricity challenge here and provide a more conducive environment for learning and research,” he assured.

    He praised Bello, who was a former Lagos State Commissioner, Secretary to the State Government, lawyer and journalist, for keeping his pledge to invest in education despite economic headwinds.

    “This magnificent edifice is more than a building; it is a beacon of knowledge, creativity, cultural exchange and intellectual engagement. It stands as a testament to giving back to society,” Sanwo-Olu said.

    He further disclosed that in the next 60 days, his administration would commission the largest university library in Nigeria at LASU’s Ojo main campus, alongside other student-friendly facilities.

    “We remain resolute in our commitment to strengthening LASU’s place as Nigeria’s foremost state university. With projects like these, our vision of a globally competitive institution is within reach,” he added.

    In his goodwill message, former Ogun State governor, Aremu Olusegun Osoba, described the project as a mark of gratitude and selflessness.

    According to him, many Nigerians spend hundreds of millions on parties for milestone birthdays, but Bello decided to channel such resources into a project that will benefit education and society.

    “We Nigerians will say things are hard, yet I still go to parties where decoration alone costs about ₦200 million, and food not less than ₦500 million. Tunji could have chosen to celebrate lavishly, but he decided to put that money to the use of humanity. For this, we thank God for his life,” Osoba said.

    Osoba, who noted that he has shared a long bond of friendship with Bello since their days as journalists, described him as “a man of honour who has remained committed to humanity and education.”

    In a lighter mood, the elder statesman teased Bello over his membership of the Organisation of Past Editors Club (OPEC), a group of veteran journalists. He joked that despite his long-standing request, he had not been inducted into the club and appealed to Bello to use his “executive powers” as chairman to facilitate his inclusion.

    He concluded by commending Bello’s contributions to education and society, stressing that such acts of service reflect the values of the South-West.

    “We are celebrating a man who has given to society, a man doing everything possible to elevate education. That is the hallmark of those of us from the South-West,” he said.

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    Explaining why he embarked on the project,   Bello said the gesture was his way of investing in posterity rather than fleeting personal celebrations.

    “By choosing to invest the money through sowing the seed in the vineyard of knowledge, I believe we are invariably preserving my 60th birthday cake in a way that it will be shared and savoured by many generations to come,” he said.

    He revealed that the idea was first suggested by his wife, LASU Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, and that construction began in 2021 with the support of friends and associates who converted their intended birthday gifts into cash donations.

    Despite facing financial challenges due to inflation and rising costs, Bello said he remained committed, even selling his property to ensure the project was completed.

    “Certainly, the government alone cannot do it. Private individuals who really have the means should invest in public tertiary education to create more opportunities,” he added.

    Bello also urged students to maximise the facility, drawing inspiration from the inscription at the entrance: “Investment in education pays the best interest.”

    Prof. Ibiyemi Olatunji-Bello, in her welcome address, called on the state to urgently intervene in solving the chronic electricity challenge facing the university’s Epe campus.

    Prof. Olatunji-Bello said the lack of reliable power supply remains the campus’s greatest challenge despite significant infrastructural upgrades.

    “Our most pressing challenge remains power supply. The chronic inadequacy of electricity from the national grid compels us to expend significant resources on alternative power generation for our faculty, staff, and students,” she said.

    The Vice Chancellor urged Sanwo-Olu to facilitate the extension of a 33KVA power line from Itam to the Epe campus, which she said would “dramatically improve our power capacity and reduce the institutional burden of generating alternative electricity.”

    While acknowledging other ongoing projects and the contributions of philanthropists such as Bello and the Oloja of Epe, Oba Rodin Ishola Animashaun, the LASU VC emphasized that sustained investment in critical infrastructure like power would be the game-changer for the institution.

    “Excellence demands continuous investments. To truly transform this campus into a world-class institution that matches our national reputation, substantial strategic interventions remain necessary,” she added.

    The Project Manager, Dr. Akinkuemi Ayinla, described the auditorium as an architectural masterpiece that blends modern functionality with Nigeria’s rich cultural heritage.

    According to him, the journey of the project began in 2021 with the design phase, followed by construction in 2022, and eventual completion in April 2025.

    Dr. Ayinla explained that the auditorium’s design was inspired by two key elements including Bello’s well-known love for serene landscapes and Nigeria’s Yoruba heritage.

    “We integrated the building with its surrounding greenery to create harmony with nature. At the same time, we drew inspiration from Yoruba Adire textile patterns, not just as decoration, but as a core element of the building’s architectural identity,” he said.

    The subtle integration of indigenous motifs, he noted, was intended to challenge young scholars to embrace culture in innovative ways and reimagine how tradition can shape modern architecture.

    The 550-seater hall comes equipped with pocket writing platforms for lectures and seminars, while an overhead gallery enhances its capacity and flexibility. A modern stage with cloakrooms and dedicated facilities ensures the space can host diverse events ranging from academic symposia to theatrical performances.

    The ground floor houses three 30-seater classrooms that can be merged into a larger space, alongside open-plan offices adaptable for administrative or academic use. Male and female conveniences are strategically located throughout the building for accessibility and comfort.

    Structurally, the auditorium is built on a reinforced concrete frame, with block partition walls to improve acoustics and thermal efficiency. Large glazed windows provide natural light, while the steel-framed roof, clad with aluminium sheets, ensures durability against the elements.

    Present at the commissioning ceremony were notable dignitaries from both federal and state levels, alongside political leaders, technocrats, and traditional rulers. Among them were the Deputy Governor of Lagos state, Dr Obafemi Hamzat, Senior Special Assistant to the President on Sustainable Development Goals (SDGs), Princess Adejoke Orelope-Adefulire, members of the House of Representatives, including Wale Raji, Dr  Paul Kalejaye, and Oshun Olanrewaju.

    The Lagos State Government was well represented with Rashid Shabi of the Lagos State House of Assembly, Barr. Bimbola Salu-Hundeyin, Secretary to the State Government (SSG), Mr. Bode Agoro, Head of Service, and Mr. Tolani Sule, Commissioner for Tertiary Education.

    Others included Mr. Adeniran Kasali, Permanent Secretary, Ministry of Tertiary Education, and Pastor Cornelius Ojelabi, Chairman of the All Progressives Congress (APC), Lagos State. Also gracing the occasion were Rt. Hon. Adeyemi Ikuforiji, former Speaker of the Lagos State House of Assembly, Mr. Babatunde Irukera, former CEO and Executive Vice Chairman of the Federal Competition and Consumer Protection Commission (FCCPC), and Mr. Adeniji Kazim, SAN, a former cabinet member and Senior Advocate of Nigeria.

    The traditional institution was equally represented by the Oloja of Epe, Alaiyeluwa Oba Kamorudeen Ishola Animashaun.

    Media friends include the Chairman, Editorial Board of The Nation Newspaper, Sam Omatseye, Sanya Oni, Tunji Adegbenga among others.

  • Energy experts want more policy action to sustain energy sector improvement

    Energy experts want more policy action to sustain energy sector improvement

    Energy experts have called for more effective policy implementation to address the sector’s shortcomings over Nigeria’s persistent electricity challenges.

    They made the call during the Distinguished Personality Lecture Series hosted by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan in honour of Professor Akin Iwayemi.

    The annual lecture, held to celebrate Professor Iwayemi’s decades-long contributions to energy economics, especially in Sub-Saharan Africa. 

    The event brought together policymakers, academics, industry players, and students to deliberate on the future of Nigeria’s electricity sector.

    Delivering the keynote address, the Chief Executive Officer (CEO), Rural Electrification Agency (REA), Mr. Abba Aliyu called for collaborative national action to revitalize the power sector.

    Representated by the Chief Commercial Officer of the Ibadan Electricity Distribution Company, Dr. Ademola Adewumi, the REA boss warned against over-reliance on foreign models, advocating for context-specific strategies rooted in Nigeria’s realities.

    Speaking on the the theme: “Let there be light: Pathway to a sustainable electricity future in Nigeria,” the guest speaker harped on the need for stronger partnerships among government, academia, private investors, and financial institutions to bring lasting transformation to the energy sector. 

    He stressed the importance of tapping into alternative energy sources such as solar, wind, and wave power, noting that political will, policy coherence, and the implementation of research findings are critical to unlocking this potential. 

    He lamented the sector’s unattractiveness to investors due to regulatory uncertainty, infrastructure costs, and foreign exchange volatility.

    He said, “There must be a stable policy environment and a long-term vision. Electricity must be treated as a national priority, beyond political cycles.”

    Earlier in his opening remarks, Director of CPEEL, Professor Olugbenga Falode described the lecture as a tribute to Professor Iwayemi’s pioneering legacy and a platform for bridging academic research with energy policy and practice. 

    He said Nigeria’s per capita energy consumption—about 180 kilowatt-hours—remains far below global standards, crippling key sectors like agriculture, education, and industry.

    Highlighting CPEEL’s recent innovations, Falode showcased a solar-powered, IoT-enabled irrigation system and a solar dryer designed to support post-harvest processing in rural communities—solutions already gaining traction among local farmers.

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    In his remarks, the honouree, Professor Akin Iwayemi reflected on decades of failed reforms. Citing the efforts of past power ministers including: Bola Ige, Barth Nnaji, and Babatunde Fashola, he noted that Nigeria’s energy crisis stems not from a lack of ideas or policies but from poor implementation and political inertia.

    “It’s not magic. The policies exist. What’s missing is accountability and the will to act. There is no free lunch. Ineffective leadership must be held accountable if we are to break the cycle”, he said.

    He maintained that without consequences for failure, whether through electoral processes or administrative sanctions, reforms will continue to falter.

    The event had in attendance: former Vice Chancellor, Professor O. A. Bamiro; former Oyo State Commissioner of Works and Transport, Professor Rahman Afonja; energy experts; stakeholders; and students from across academic levels.

  • Firm unveils fleet conversion initiative to cleaner energy

    Firm unveils fleet conversion initiative to cleaner energy

    Atlas Core Energy and Logistics, Nigeria’s emerging leader in clean energy infrastructure, has officially launched its Fleet Conversion and Clean Mobility Strategy, targeting high-density logistics hubs and urban transport systems.

    The initiative, led by CEO, Owoade Emmanuel, seeks to enable the wide-scale transition of fleet operators from fossil fuel to cleaner alternatives such as compressed natural gas (CNG), electric, and hybrid technologies.

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    “The time for slogans is over — it’s time to build the systems that power change,” said Owoade Emmanuel, a UK-trained researcher and energy strategist. “Nigeria’s logistics and energy sectors are intertwined, and if we’re serious about sustainability, we must drive infrastructure that supports this shift.”

    The newly unveiled program will deploy CNG conversion hubs and service centers across major Nigerian corridors; partner with fleet operators and logistics firms to ensure economic viability and performance efficiency as well as drive collaborative innovation with policymakers and technology developers.

    This launch is part of Atlas Core’s broader vision to become a strategic player in Nigeria’s clean energy ecosystem — not just participating in the conversation, but building the backbone of the transformation.

  • Tinubu’s reforms will address energy debt crisis, says ECN

    Tinubu’s reforms will address energy debt crisis, says ECN

    Energy Commission of Nigeria (ECN) has said  President Bola Tinubu’s reforms and policy drive are pathways towards addressing the energy debt crisis.

    Director General, Dr Mustapha Abdullahi, spoke yesterday in Abuja, while congratulating Tinubu on his second anniversary in office. According to Abdullahi, the energy debt crisis is an issue which the Federal Government is working to tackle.

    To further address the challenges, he said the Federal Government, through ECN, is committed to provide Nigerians with a more sustainable power alternative with its solarisation project; which will remove over dependence on the national grid that has suffered collapses, including attacks by criminals, vandals and insurgents.

    He said transitioning to solar energy is not just about cost-cutting; it’s about creating a model for efficiency and shielding Nigerians from rising tariffs.

    With the administration entering its mid-term, “the initiative aligns with President Tinubu’s commitment to transforming the power sector, including providing stable electricity and prepaid meters nationwide”.

    According to him, the solarisation project is expected to deliver significant economic and social benefits, including job creation in solar manufacturing, installation, and maintenance, while fostering innovation among Nigerian engineers and entrepreneurs as it will also reduce pressure on the national grid.

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    He noted that the initiative is part of broader reforms across the power value chain, from generation to distribution

    “This is not just about powering Aso Rock; it’s about planting seeds for renewable systems to electrify rural communities, empower the underserved, and ensure energy equity.

    “History will remember this project as the spark that ignited Nigeria’s energy revolution, a future where clean, affordable power is accessible to all.

    “The solar initiative supports President Tinubu’s agenda to eliminate energy debt, reduce governance costs, and position Nigeria as a renewable energy leader.

    “This is the pathway to uninterrupted, sustainable electricity, and the cost is minimal compared to its transformative legacy,” Abdullahi noted.

  • Lagos, LCFE seek to unlock energy investments

    Lagos, LCFE seek to unlock energy investments

    The Lagos State Government and Lagos Commodities and Futures Exchange (LCFE) have committed to working together to unlock vast investment opportunities in the state’s electricity supply value chain.

    In furtherance of the enactment of Lagos State Electricity Law 2024, which empowers the state government to generate its electricity, the LCFE and the state government at the weekend organised a breakfast meeting to galvanise stakeholders on the prospects of the state’s energy investments.

    The theme of the meeting was: Building a Competitive Electricity Market Place: Strategies to attract Investment and boost Confidence in the Lagos Electricity Market, using the Capital Market.

    Lagos State Governor, Babajide Sanwo-Olu, said the government remained committed to creating an enabling environment for investors, with a focus on promoting sustainable development and economic growth.

    Sanwo-Olu, who was represented by his Deputy, Dr Obafemi Hamzat, urged Lagosians to take advantage of the new electricity law for investment.

    According to him, the development of the energy sector for generation of electricity would reduce environmental pollution as against the use of generators.

    He noted that under the new arrangement through Lagos State Ministry of Energy and Mineral Resources and LCFE, there are lot of investment opportunities.

    “Investors will make more money. It means people can purchase power. It is going to the market. That is what it is done in the western world. Lagosians should participate. They should educate themselves about the new initiatives online,” Sanwo-Olu said.

    Managing Director, Lagos Commodities and Futures Exchange (LCFE), Akin Akeredolu-Ale, expressed optimism that collaboration of the LCFE with the Lagos State Government would provide limitless opportunities for investment in electricity.

    According to him, the Lagos power market size is estimated at about$15 billion in 2025, and is projected to grow at a cumulative annual growth rate (CAGR) of 4.28 per cent between 2025 and 2030.

    “Today, we are officially launching the LCFE Electricity Receipt Quotation (LERQ) Electricity Board with the following products tradeable on the bourse: power generation contracts, power distribution contracts, power infrastructure contracts, electricity commercial papers, metering contracts, renewable energy contracts and electricity receivables contracts

    “Some of our core functions are provision of market to trade electronic receipts of commodities, creation of liquidity on any investment, de-risking, advocacy and capacity building. We also provide structured and fungible products as well as exit strategy for investors. We are licensed by the Securities and Exchange Commission (SEC) and we operate as a self regulatory organisation (SRO).

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    “There are many investment opportunities in hydrocarbons in the global space . We shall develop commodities contracts to trade electricity, providing a platform for investors to participate in the electricity market.

    Our market provides opportunities for price discovery. We are ready to securitize power assets. There are huge opportunities in this area,” Akeredolu-Ale said.

    Chairman, Lagos Commodities and Futures Exchange (LCFE), Chief Onyenwechukwu Ezeagu lauded the Lagos State Government for its continued  collaboration with LCFE and explained that the Energy Bill would encourage innovative products tradeable on commodities exchanges.

    “The Lagos Commodities and Futures Exchange, as a key player in the capital market, recognizes the transformative potential of the Energy Bill. It is not just a policy framework but a call to action for all stakeholders to collaborate, innovate, and channel investments into Lagos State’s burgeoning electricity market. The Bill’s implementation will foster a competitive and investor-friendly electricity marketplace,” Ezeagu said.

    Director General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama commended LCFE for its transformative approach to commodities trading in Nigeria.

    Agama, who was represented by the Executive Commissioner, Operations, Securities and Exchange Commission (SEC), Bola Ajomale, said the Commission was ready to support the lofty initiatives of the Exchange.

    Energy and finance experts discussed various options to invest in electricity and the consideration of investors in any financial market. There were outpouring of goodwill messages, including the Danish Consular General, Jette Bjerrum.

  • Fed Govt outlines $23.2b energy investment target

    Fed Govt outlines $23.2b energy investment target

    The federal government has outlined $23.2 billion energy investment target, which is expected to raise $15.5 billion from the private sector. It was part of the ambitious energy access programme that will see to the transformation of the nation’s energy sector.

    The programme which will ensure  transformation of the sector, is being spear-headed by the Minister of Power, Chief Adebayo Adelabu. It is also a fallout from the just concluded Mission 300 Africa Energy Summit held in Dar es Salam, Tanzania.

    The two-day Summit which brought together African leaders, business executives, and development partners to advance the continent’s ambitious energy agenda was hosted by the Government of Tanzania, the African Union, the African Development Bank Group, and the World Bank Group and aims to accelerate electricity access for 300 million Africans by 2030.

    In a press statement signed by Adelabu’s Media Aide, Bolaji Tunji, yesterday, he revealed that through “the energy access programme, tagged National Energy Compact (NEC), the government aims to increase electricity access from 4 percent to 9 percent annually to close  energy gap, boost access to clean cooking solutions from 22 percent to 25 percent annually, expand renewable energy’s share in the power generation mix from 22 percent  to 50 percent, and mobilize $15.5 billion in private investment to drive last-mile electrification.”

    The efforts align with UN Sustainable Development Goal 7 (SDG7), which seeks to ensure universal access to modern energy services.

    While unveiling the ambitious programme, the Minister said it will expand electricity access, increase renewable energy adoption, and improve clean cooking solutions for millions of Nigerians. “With 150 million Nigerians already electrified, Nigeria remains committed to ensuring universal access to affordable and sustainable energy by 2030”, the  Minister said.

    Adelabu noted that while the roadmap for expansion is clear, challenges such as vandalism of power infrastructure pose a significant threat to Nigeria’s electrification efforts. “Transmission towers, pipelines, and distribution equipment have been targeted, disrupting supply and deterring potential investors”.

    Read Also: Africa making impact in renewable energy investments, says 350 Africa chief

    The Minister emphasized that protecting power assets is crucial to ensuring uninterrupted electricity supply and sustaining progress, adding that,  “the  government is intensifying efforts to curb vandalism through enhanced security, stricter penalties, and improved surveillance technologies”.

    According to him, achieving Nigeria’s electrification targets requires significant investment, and the government is prioritizing private sector participation to unlock additional resources. “The Compact outlines a $23.2 billion investment target, with $15.5 billion expected from private investors. These funds will be directed toward expanding power generation, strengthening transmission and distribution networks, and integrating distributed renewable energy solutions”, he said.

    Recognising that achieving universal energy access demands collective action, the government  called on development partners, philanthropies and the private sector to join the transformative journey.

     “By implementing the action plan in the National Energy Compact, Nigeria is positioning itself as a leader in Africa’s energy transition and creating opportunities for economic growth, job creation, and industrialization”, the Minister reiterated.

     “As the Mission 300 initiative gains momentum, Nigeria’s strong commitment to energy sector reforms, infrastructure expansion, and investment mobilization will be crucial in shaping the future of electricity access across the continent”, he added.

  • Global energy transition must reflect local realities, say experts

    Global energy transition must reflect local realities, say experts

    Leading sustainability experts have called for clean energy transition policies that reflect local realities in developing countries, highlighting the need for international solidarity and cooperation to ensure that the energy transition does not exacerbate energy poverty.

    This recommendation was made at the 2024 International Conference on Environmental Law and Governance for Sustainable Development convened by the Green Institute, in collaboration with Institute for Oil, Gas, Energy, Environment and Sustainable Development (OGEES Institute) at Afe Babalola University, Ado Ekiti, and the International Law Association, Nigerian Branch.

    Featuring leading scholars from New Zealand, Canada, South Africa, Mexico, Colombia, United Kingdom and Nigeria, the conference focused on the formal public presentation of the book titled Net Zero and Natural Resources Law, published by Oxford University Press

    The 400-page book highlights the latest developments in natural resources law and policy in light of ongoing worldwide efforts to achieve the clean energy transition. 

    The conference opened with a compelling address by the lead editor of the book, Professor Damilola Olawuyi (SAN), who is also the Chair of the Academic Advisory Group of the International Bar Association’s energy section (SEERIL). 

    The international energy law expert highlighted that the ongoing drive for clean energy transition raises a wide range of legal, contractual and foreign diplomacy questions that must be carefully analysed and balanced, to ensure that the transition leaves no one behind.

     “This book fills a significant gap in the clean energy transition discourse.

    With case studies from Africa, Asia, Middle East, Europe, Australasia, and North and South America, it provides a balanced assessment of how legal and regulatory systems are responding, and can better respond, to the fundamental challenges and risks in the clean energy transition.

    It offers practical solutions that will be very useful for countries like Nigeria as we seek to balance global imperatives with local realities.” Prof. Olawuyi stated.

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    The ensuing panel discussions, moderated by Dr. Adenike Akinsemolu and Professor Walters Nsoh, explored integrated policy approaches for achieving a just, inclusive and orderly transition.

    Expert contributors and speakers including Professor Barry Barton, Professor Hanri Mostert, Professor Nadia B. Ahmad, Prof. José Juan González, Dr. Milton Fernando Montoya, Dr. Hugo Meyer van den Berg, Mehrnoosh Aryanpour, and Elena Athwal, offered insights on the evolving principles of natural resource law in a net zero era, critical mineral strategies for clean energy technologies, including the opportunities for promoting sustainable hydrogen investments in Africa.

    The  interactive discussion session also provided actionable insights for practitioners and stakeholders. In her closing remarks, Dr. Adenike Akinsemolu reflected on the critical themes of the conference, emphasizing collaboration and innovation.

    She remarked, “The future of natural resources governance depends on our ability to innovate, collaborate, and remain steadfast in our commitment to sustainability and equity.

    This conference has provided a pivotal and international platform for dialogue, showcasing the intersection of law, policy, and innovation in achieving global sustainability goals.” She said.