Nigeria needs to meet the energy needs of its population, generate foreign exchange to keep the economy running and participate in the global energy transition by strategically integrating different elements of the energy ecosystem at the same scale.
Afolabi Akinrogunde, Investment Manager at All On, made this remark as a moderator at a Panel Session II, themed, “The Transition Towards Energy Sustainability: Strategies and Tools for developing Countries”, during the just concluded 46th edition of Nigeria Annual International Conference and Exhibition (NAICE) organised by the Society of Petroleum Engineers (SPE).
According to him, Nigeria must do whatever is required as a country to harness all its abundant resources (renewable energy, oil and gas, and other sources) while keying into addressing all the trilemma to generate electricity for all.
He highlighted the disparity in energy consumption, revealing that an average Nigerian receives only 1/5th of the electricity that an average Ghanaian receives and 35 times less than the average South African.
He said, “No matter the good numbers in terms of investment and resources reserve that we have in Nigeria, once the per capita energy consumption of the over 200 million people in Nigeria is divided with that of Ghana and South Africa nothing will be left.
Akinrogunde stressed the importance of addressing this energy poverty and leveraging Nigeria’s energy scope and opportunities. He said, “To fully harness Nigeria’s energy potential, government policies, and support are crucial.”
He said the trilemma lies in the ability of the government to meet the energy needs of over 200 million Nigerians, generate foreign exchange to sustain the economy, and participate in the global energy transition.
He emphasized the need for the Government to strike a balance between providing energy to Nigerians, earning foreign exchange, and embracing the energy transition.
The AllOn Investment Manager revealed that Nigeria has so much energy scope and opportunities that can be harnessed. He emphasized the need for policies that promote a friendly environment, provide tax credits, and eliminate subsidies to boost investment in the renewable energy industry.
Akinrogunde proposed integrating different elements of the renewable energy ecosystem to ensure that each part can thrive.
He said, “For instance, All On, has invested approximately 2.5 million dollars in Auxano Solar, a premier solar panel assembly company in Nigeria. This investment is aimed at expanding Auxano’s solar panel assembly capacity by over 50 percent.