Nigeria Needs $26bn to Close Power Gap — Stakeholders
Nigeria requires an estimated $26 billion investment to bridge its widening energy deficit as the country intensifies efforts to achieve universal, reliable and sustainable electricity access, industry stakeholders have said.
The Managing Director and Chief Executive Officer of the Rural Electrification Agency (REA), Dr Abba Aliyu, disclosed this at the Sterling Bank Renewable Energy Colloquium held in Lagos, which brought together policymakers, financiers and energy experts to chart practical pathways for expanding access and driving economic growth.
The colloquium focused on aligning Nigeria’s energy transition with its ambition to build a $1 trillion economy, with participants emphasising the central role of electricity in productivity, industrial growth and job creation.
Aliyu, who was represented by his Senior Adviser, Abba Hayatudden, delivered a keynote address titled Scaling Electrification in Nigeria: The REA Impact. He described Nigeria’s energy transition as a strategic shift that integrates grid, mini-grid and off-grid solutions in line with national development priorities and climate commitments.
According to him, the REA is deploying multiple channels to accelerate renewable energy adoption and ensure the sustainable expansion of electricity access across the country.
“REA is strategically expanding and optimising channels to accelerate the adoption and sustainable growth of renewable energy across the country, particularly in value chain development, regulatory enhancement, funding windows, alternative resources and technical standardisation,” he said.
Also speaking, the Managing Director and Chief Executive Officer of Sterling Bank Limited, Mr Abubakar Suleiman, said the bank would sharpen its focus on policy actions in two or three priority areas within the power sector to deepen its impact.
His remarks were delivered by the Group Executive, Corporate and Investment Banking, Mr Dele Faseemo, who said targeted engagement would enable the bank to play a stronger role in expanding energy access, which he described as critical to national development and economic growth.
The Minister of Power, Mr Adebayo Adelabu, commended Sterling Bank for convening the dialogue, noting that renewable energy and rural electrification are key pillars of the Federal Government’s Renewed Hope Agenda.
Represented by Mr Samuel Ayangeaor, the minister said the ministry is intensifying efforts to extend electricity to underserved communities as a means of stimulating economic activity, boosting industrial output and creating jobs nationwide.
Lagos State Commissioner for Energy and Mineral Resources, Mr Biodun Ogunleye, said the state is undertaking what he described as the most ambitious energy transformation in its history. He highlighted ongoing renewable energy and sustainability initiatives, including plans for a two-gigawatt Lagos grid-scale solar project.
On her part, Chief Executive Officer of Sterling One Foundation, Mrs Olapeju Ibekwe, urged stakeholders to move beyond dialogue and ensure that commitments made at the colloquium translate into concrete outcomes.
She called for stronger collaboration, intentional action and sustained focus on delivering measurable impact in Nigeria’s energy sector.
Related to this topic:
