- Nigeria requires major investment to expand electricity access and support its energy transition.
- Stakeholders advocate grid, mini-grid, and off-grid systems to deliver reliable and sustainable power.
Nigeria needs an estimated $26 billion to close its widening electricity shortfall. Nigeria’s energy funding gap frames discussions around reliable and sustainable power access.
The Managing Director of the Rural Electrification Agency, Dr Abba Abubakar Aliyu, disclosed this figure in Lagos. He spoke at the Sterling Bank Renewable Energy Colloquium, which convened public and private sector leaders.
The event focused on practical strategies to expand energy access and stimulate economic growth. Therefore, discussions are aligned with Nigeria’s ambition to build a $1 trillion economy.
In a keynote address titled “Scaling Electrification in Nigeria: The REA Impact,” Aliyu outlined the agency’s approach. He explained that Nigeria’s energy transition requires integrated solutions. Consequently, grid, mini-grid, and off-grid technologies must work together.
Aliyu emphasised that the REA continues to promote the adoption of renewable energy nationwide. Moreover, the agency now prioritises value chain development and regulatory improvement. These steps support long-term sustainability and investor confidence.
According to Aliyu, funding windows and alternative energy resources also play a crucial role. At the same time, technical standardisation ensures quality and system reliability. As a result, renewable projects can scale faster.
Sterling Bank’s Managing Director, Abubakar Suleiman, reaffirmed the bank’s sector commitment. Speaking through Dele Faseemo, he said policy clarity would guide investment decisions. Hence, the bank will focus on a few strategic priority areas.
He added that energy access remains central to economic growth. Therefore, targeted financing can expand power availability and support national development goals.
The Minister of Power, Adebayo Adelabu, commended Sterling Bank for hosting the forum. He noted that renewable energy and rural electrification are key components of the Renewed Hope Agenda. Accordingly, the Federal Government continues to expand access in underserved communities.
Represented by Samuel Ayangeaor, the minister linked electrification to job creation and industrial growth. Thus, energy investment delivers both social and economic returns.
Lagos State Commissioner for Energy, Biodun Ogunleye, highlighted the state’s ambitious reforms. Notably, he referenced the two-gigawatt grid-scale solar project. This initiative strengthens Lagos’s sustainability drive.
Meanwhile, Sterling One Foundation CEO, Olapeju Ibekwe, called for collective action. She urged stakeholders to move beyond dialogue. Instead, they should leverage networks to deliver measurable outcomes.
Ultimately, closing Nigeria’s energy funding gap demands collaboration, policy consistency, and sustained investment. With coordinated action, Nigeria can secure reliable power and inclusive growth.