- Africa’s energy supply must expand quickly to drive industrialisation and reduce migration.
- Transcorp advocates for a balanced approach that combines renewable, on-grid, and off-grid solutions.
Transcorp Group CEO, Owen Omogiafo, has called for urgent action to expand Africa’s energy supply. She explained that reliable energy access remains vital for economic growth and sustainable development across the continent.
Speaking at the 9th Future Investment Initiative (FII9) in Riyadh, Saudi Arabia, she emphasised that Africa’s most urgent challenge is access, not transition. While global debates focus on clean energy, Africans still struggle to power their homes and industries effectively.
She said, “Our priority is not just transitioning; it is creating greater access to energy for all. The gap is enormous, and we must confront it consciously.”
Currently, around 70 to 80 per cent of people without electricity worldwide reside in Africa. Consequently, limited access to power restricts industrial growth and drives migration. Many Africans, therefore, migrate not out of choice but because of poor economic and energy opportunities.
Furthermore, Omogiafo addressed the issue of affordability. She observed that renewable energy remains costly in Nigeria, except for hydropower. Currently, hydro contributes about 12 per cent of the national grid, while most electricity comes from gas and fossil fuels.
In addition, she called for a practical and inclusive energy framework that combines on-grid and off-grid systems. Mini-grids and decentralised power solutions, she added, could rapidly expand access for rural and underserved communities.
“It is not an either-or approach,” she stated firmly. “We must leverage modern technology to broaden energy access and empower Africa’s young population. Industrialisation, therefore, must remain at the heart of our energy goals.”
Meanwhile, global energy leaders from Europe, Asia, the Middle East, and America discussed security, technology, and sustainability during the event. Their deliberations highlighted the growing need for collaboration as the energy landscape evolves.
Ultimately, Omogiafo’s advocacy reflects Transcorp Plc’s unwavering commitment to transforming Africa’s energy supply. Through strategic investments, innovation, and partnerships, the company continues to promote inclusive growth and strengthen Africa’s participation in the global energy economy.