- Sterling Bank promotes private financing to close Nigeria’s 23 billion-dollar energy gap.
- Renewable energy expansion supports economic growth, jobs, and social development.
Sterling Bank has intensified its efforts to close the Nigerian renewable energy gap, which is estimated to be $23 billion. The bank brought together public and private stakeholders to accelerate the development of renewable energy nationwide. As a result, the initiative aims to expand access to electricity and support economic growth.
The maiden renewable energy colloquium took place in Lagos and attracted industry leaders. It focused on priority actions that can unlock energy access across underserved communities. Therefore, discussions aligned with Nigeria’s ambition to build a one trillion-dollar economy.
Held under the theme “Beyond the Grid: Unlocking New Frontiers in Renewable Energy,” the forum encouraged innovation as participants examined solutions beyond traditional grid infrastructure. Consequently, off-grid and decentralised systems dominated the conversation.
The Managing Director of Sterling Bank, Abubakar Suleiman, opened the event with a clear message, emphasising the bank’s commitment to improving lives through sustainable finance. Dele Faseemo, Group Executive for Corporate and Investment Banking, delivered his remarks.
He explained that regulation and financing remain key barriers in the energy sector. By addressing these areas, Sterling Bank believes progress can accelerate. Energy access, he stressed, remains essential for inclusive development.
He added that economic expansion depends on a reliable power supply. Therefore, solving Nigeria’s energy challenge remains unavoidable. Renewable energy, he noted, provides the fastest path to scale.
Sterling Bank also highlighted Nigeria’s abundant renewable resources. Solar energy leads the mix, yet hydropower also plays a strong role. Hence, stakeholders were urged to diversify renewable investments.
In a keynote address, Abba Aliyu, Managing Director of the Rural Electrification Agency, outlined the agency’s mandate. He focused on energy security, equity, and environmental sustainability. These pillars guide national electrification efforts.
Aliyu revealed that universal electricity access requires $23 billion. Public funding alone cannot deliver this target. Therefore, structured private capital mobilisation remains critical. He added that Nigeria’s energy transition offers a 410 billion-dollar opportunity by 2060. However, success depends on coordination and investor confidence, with forums like this helping to align policy and capital.
The REA continues to integrate grid, mini-grid, and off-grid technologies. This strategy supports development goals and climate commitments. Standardisation and funding windows also remain priorities.
Minister of Power Adebayo Adelabu praised Sterling Bank for leading the conversation. He reaffirmed the Federal Government’s commitment to renewable energy expansion. Rural electrification, he said, drives jobs and industrial growth.
Lagos State Commissioner for Energy, Biodun Ogunleye, highlighted state-level progress. He referenced the planned two-gigawatt grid-scale solar project. This reflects Lagos’ ambitious energy transformation agenda.
Sterling One Foundation CEO, Olapeju Ibekwe, called for collective action. She emphasised that access to power transforms education, healthcare, and livelihoods. Closing the Nigerian renewable energy gap requires partnerships and catalytic capital.