By JKNewsMedia
FAST-TRACKING progress in renewable energy took priority as stakeholders across the industry gathered in Lagos to examine practical pathways for expanding energy access and driving economic growth in Nigeria’s pursuit of a $1-trillion economy.
Towards this end, Sterling Bank Limited has convened the premier colloquium on Monday, bringing together public and private sector participants to identify priority areas for action within the renewable energy space.
The engagement focused on accelerating progress in energy access while supporting broader development objectives linked to economic growth.
The Managing Director and Chief Executive Officer (MD/CEO), Sterling Bank Limited, Mr. Abubakar Suleiman, delivered the central charge at the event, which was organised under the theme Beyond The Grid Unlocking New Frontiers in Renewable Energy.
He spoke through Mr Dele Faseemo, Group Executive for Corporate and Investment Banking.
In the address, the bank’s leadership stated that Sterling Bank would be paying closer attention to policy actions in two or three key priority areas, with specific emphasis on regulation and financing.
The statement explained that concentrating on these areas would enable the bank to do more to drive progress in the sector.
Mr. Suleiman described energy access as essential for supporting economic growth and overall development, noting that expanded access would play a key role in enabling productivity and broader economic participation.
He said the bank’s focus would align with these objectives as discussions in the sector continue.
A keynote address titled Scaling Electrification in Nigeria The REA Impact was delivered by the MD/CEO of the Rural Electrification Agency, Dr Abba Aliyu.
He spoke on the vision, mission and mandate of the agency in advancing electrification efforts across the country.
Dr Aliyu stated that Nigeria requires about $26 billion to address its energy deficit adding that the energy transition in Nigeria represents a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini grid and off grid technologies, while aligning with national development and climate goals.
The REA chief executive, who was represented at the event by Mr. Abba Hayatudden, Senior Advisor to the MD, said the agency is strategically expanding and optimising channels to accelerate the adoption and sustainable growth of renewable energy across the country.
He said these efforts span value chain development, regulation enhancement, funding windows, alternative resources and technical standardisation.
He stated that the approach is designed to support accelerated uptake of renewable solutions while strengthening long term sustainability within the sector.
The Minister of Power, Mr Adebayo Adelabu, commended the bank for convening the conversation on renewable energy stating that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.
Represented by Engineer Samuel Ayangeaor, the minister said his ministry has continued to expand electricity access to underserved communities.
He adds the effort aims to drive economic growth, foster industrial activity and create jobs across the nation.
He also highlighted ongoing actions to broaden access to electricity as part of national development priorities linking the expanded access to economic opportunities and job creation in communities that remain underserved.
In a goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, said the current administration is implementing what he described as the most ambitious energy transformation ever undertaken in the state.
He highlighted Lagos State efforts in renewable energy and sustainability, including the 2-gigawatt Lagos grid scale solar project.
He said these initiatives form part of the state’s broader push towards energy transformation and sustainability goals.
CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasised the importance of collective action among participants urging those present not to allow the day’s deliberations to end as mere conversations or points documented in a communique.
She encouraged participants to leverage the strength of their networks, act with intention and remain focused on delivering meaningful impact emphasising the need for continued engagement beyond the event itself.
The colloquium also featured two panel sessions focused on financing and scaling green energy solutions in Africa, among other discussions that formed part of the broader engagement aimed at exploring practical approaches to advancing renewable energy adoption.
