- Udo Udoma & Belo-Osagie and IFC hosted stakeholders in Lagos to address renewable energy financing, scaling, and policy gaps.
- Participants highlighted the need for state-level initiatives under the Electricity Act 2023 to accelerate clean energy adoption.
Udo Udoma & Belo-Osagie (UUBO), in partnership with the International Finance Corporation (IFC), has brought together key stakeholders to chart strategies for advancing renewable energy development in Nigeria.
The engagement, held on Friday, September 12, in Lagos at the second edition of UUBO’s annual Energy and Infrastructure Seminar themed “Powering Nigeria: Financing and Scaling Renewable Energy,” examined how long-term collaboration between the public and private sectors can enhance clean energy operations and accelerate growth.
Participants identified funding, technical know-how, and effective regulations critical to scaling the renewable energy sector. They also emphasised the need to educate investors and consumers on the value and efficiency of renewables in driving sustainable economic growth.
Speaking at the forum, Chijioke Okonkwo, Chairman and Chief Executive Officer of the Enugu State Electricity Regulatory Commission (EERC), reaffirmed Enugu State’s commitment to promoting commercially viable renewable projects. “The era of clean energy has arrived and is here to stay,” Okonkwo said. “It is now general knowledge that the national grid cannot meet the country’s electricity demand. This reality has spurred reforms such as the Electricity Act 2023, which empowers states to participate directly in electricity services and operations.”
Furthermore, Okonkwo added that the Act has opened opportunities for decentralised electricity markets, allowing subnational entities to explore local resources, adopt innovative technologies, design investment-friendly regulations, and implement strategies to ensure reliability and sustainability.
In addition, Nicholas Okafor, Partner and Head of UUBO’s Energy and Infrastructure Practice, highlighted the transformative power of ideas. “Ideas are like diamonds,” Okafor said. “But unlike diamonds, ideas contain within them the creative force that transforms societies. At UUBO, we work with clients to turn ideas into power plants, toll roads, bridges, solar farms, and other infrastructure projects that shape economies.”
The seminar underscored the growing consensus that Nigeria’s renewable energy ecosystem requires stronger partnerships, supportive policies, and innovative financing to achieve meaningful impact.