- Transcorp Group plans to add 150 megawatts of electricity to Nigeria’s power supply despite ongoing gas shortages affecting its thermal plants.
- CEO Owen Omogiafo emphasises a new partnership with the Rural Electrification Agency to enhance renewable energy generation and address the country’s energy gap.
Transcorp Group’s Chief Executive Officer, Mrs. Owen Omogiafo, has announced ambitious plans to enhance Nigeria’s electricity supply by generating 150 megawatts. This commitment comes as the company navigates significant challenges related to gas supply for its thermal power plants.
Speaking to Arise News at the Future Investment Initiative conference in Saudi Arabia, Omogiafo detailed the company’s efforts to bridge the energy gap in Nigeria through strategic partnerships and investments in renewable energy.
Omogiafo highlighted a recent memorandum of understanding (MoU) signed with the Rural Electrification Agency, which aims to expand power generation through renewable sources. “We are working assiduously to ensure that we are closing the energy gap,” she stated, emphasising the company’s focus on increasing energy availability. The MoU is a significant step in Transcorp’s broader strategy to enhance Nigeria’s energy landscape, where demand often outstrips supply.
Despite these proactive measures, Omogiafo expressed concern over the persistent gas shortages limiting the company’s operational capacity. For instance, the Afam power plant in Rivers State has an installed capacity of 301 megawatts but currently produces only 100 megawatts.
“Nigeria has an installed capacity of about 13,000 megawatts, but we are only doing about 5,000 megawatts,” she noted, underlining the critical need for a reliable gas supply to optimise power generation.
The CEO pointed out that the lack of an integrated gas-to-power strategy is a significant hurdle for Nigeria’s energy sector. “If we had a solid integrated gas-to-power strategy, it would resolve the gap that we have in our country,” she said, suggesting that such a strategy could unlock significant value not only in Nigeria but across Africa.
Omogiafo believes that addressing the energy challenges will enable the continent to harness its vast resources effectively, driving economic growth and improving living standards.
Transcorp Group’s focus on renewable energy is crucial as Nigeria seeks sustainable solutions to its energy crisis. Investing in renewables and collaborating with agencies like the Rural Electrification Agency, the company aims to diversify its energy sources and reduce reliance on fossil fuels.
As the country grapples with energy shortages, the steps taken by Transcorp under Omogiafo’s leadership represent a forward-thinking approach to energy generation and management, highlighting the importance of innovation and collaboration in addressing Africa’s energy needs.