- At the 2025 Bullion Lecture, Prof. Barth Nnaji called for aggressive gas investment and the reinstatement of Power Purchase Agreements.
- Stakeholders urged a Nigeria-focused energy transition and warned that bureaucracy must not stall national growth.
At the 2025 edition of The Bullion Lecture held on Thursday, April 10, in Lagos, former Minister of Power and CEO of Geometric Power Group, Prof. Barth Nnaji, stated that Nigeria could actualise a $1 trillion economy by making bold, strategic investments in its energy sector, particularly natural gas.
Delivering a lecture titled “Architecting the Energy Sector for Nigeria’s $1 Trillion Economy Vision,” Nnaji emphasised that more investment in gas infrastructure and thermal power plants would directly support Nigeria’s economic growth targets.
“Nigeria currently generates about 5,500 megawatts,” he said. “But NESI’s Vision 30:30:30 aims for 30,000 megawatts by 2030, with 30% from renewables. I believe we should aim for 100,000 megawatts by 2040 to position ourselves as a high medium economic power.”
He warned, however, that these targets may remain unattainable unless the suspension of Power Purchase Agreement (PPA) guarantees is reversed. These guarantees are crucial for attracting and retaining investment in power generation.
Highlighting Nigeria’s vast gas reserves—209.26 trillion cubic feet, ranking 9th globally, Nnaji found it troubling that its 24 gas-fired plants still struggle with supply. He compared Nigeria’s energy struggles to Algeria, which, with a fraction of Nigeria’s gas reserves (2.9 trillion cubic feet), has achieved universal electricity access and a thriving education sector.
“Natural gas is Nigeria’s energy ticket to economic growth,” he said. “It is a transitional fuel that must be prioritised before we talk about exporting it to Europe.”
Other key voices, including Mrs Tolulope Longe, National President of Women in Energy, Oil and Gas, echoed the call for reform. Mrs Tolulope stressed the need for an energy roadmap that reflects Nigerian realities, not foreign blueprints.
She said, “Policy clarity and investor confidence are crucial. Bureaucracy must not be a bottleneck,” adding that women and youth are pivotal to the energy revolution. Dr Ogho Okiti, CEO of ThinkBusiness Africa, underscored the need to make power generation and distribution a national priority.
In addition, Mr Ernest Ebi, Chairman of the Centre for Financial Journalism, recalled how past editions of The Bullion Lecture had catalysed significant policy shifts. He noted, for instance, that the 2019 lecture inspired a landmark agreement on data trade between Nigeria, China, and the U.S.
As Nigeria eyes a trillion-dollar economy, the consensus is clear: no amount of ambition can succeed without a power sector capable of energising it. Reinstating PPA guarantees, tapping into the country’s abundant gas, and embracing a grounded energy transition are no longer optional—they’re imperative.