Abuja, Nigeria | February 25, 2026– Energy sector stakeholders convened at The Electricity Hub’s Power Dialogue on Wednesday, February 25, for a high-level discussion titled “Bankable Power: Structuring Projects That Deliver Energy Access and Financial Returns.”
The virtual dialogue brought together senior voices across government, private sector, and climate finance to examine how Nigeria can move from pilot projects to scalable, bankable power investments.
Speakers included:
- Edu Okeke, Managing Director, Azura Power West Africa Ltd
- Sadiq Wanka, Special Adviser to the President on Power Infrastructure
- Omosede Imohe, Energy & Climate Expert
- Suleiman Babamanu, Nigeria Program Director, RMI
Policy Credibility Drives Investment
During the Power Dialogue it was stated that Nigeria’s power sector does not suffer from a shortage of capital; it suffers from inconsistent policy signals. Edu Okeke emphasised that while the sector frequently focuses on bankability tools, guarantees, credit enhancements, and structured finance, the deeper issue remains Policy Credibility.
“Every time we talk about scale, we talk about projects, readiness, and guarantees,” Okeke said. “But policy credibility drives all of that.” He explained that governments often introduce guarantees when markets appear risky. While useful, such instruments cannot substitute for stable tariff frameworks, contract sanctity, and predictable regulation.
Electricity Has a Cost: Market Discipline Is Non-Negotiable
The discussion reinforced a foundational principle: electricity must function within a disciplined market structure. “Electricity is not different from any other product in the economy,” Okeke stated. “It is not free. Generation, transmission, distribution, and maintenance all carry costs. Someone must pay.”
Sadiq Wanka echoed that position and linked payment discipline directly to market sustainability. “If electricity is generated and not paid for, the market collapses,” Wanka said. “Nigeria must operate a functioning electricity market.”
The panel acknowledged the importance of protecting vulnerable households but insisted that government must structure subsidies transparently and ensure they do not disrupt payment flows to market participants.
Reset Governance and Enforce Accountability
The panel also emphasised the need to strengthen domestic financial intermediation.
Sadiq Wanka called for embedding risk-mitigation tools within national frameworks rather than treating them as temporary interventions.
“We must strengthen regulatory and risk-sharing frameworks so that banks are confident enough to lend into energy infrastructure at scale,” he said. “Partial risk guarantees, first-loss facilities, FX liquidity windows, and long-term refinancing mechanisms should be embedded within the national framework, not treated as ad hoc solutions.”
Build Demand Into Every Project
Suleiman Babamanu urged developers to treat demand stimulation as a design requirement, not an afterthought, particularly for isolated mini-grids. “Projects must deliberately stimulate demand. If developers build supply without building demand, projects will not scale.” Suleiman Babamanu
He also warned that frequent DisCos leadership changes undermine reform continuity. Sustainable progress requires embedding systems and processes, not relying on individuals.
From Pilots to Scale
Participants concluded that Nigeria has already identified its structural challenges. The task now is execution. They urged policymakers to prioritise:
- Policy consistency and regulatory clarity
- Cost-reflective tariffs with targeted social protection
- Measurable utility performance with enforceable consequences
- Demand-driven project design and aggregation
- Transmission and distribution modernisation
Capital will flow when the market demonstrates predictability, transparency, and discipline. With sustained political will, Nigeria can move decisively from fragmented pilots to scalable, investment-grade power delivery.