Stakeholders Urge Deeper Reforms, PPPs to Transform Energy Sector
Stakeholders across the energy sector have called for sustained reforms, increased investment and more public-private partnerships to convert the country’s vast energy resources into tangible economic growth and industrial development.
They made the call on Thursday in Lagos at the Nigerian-British Chamber of Commerce (NBCC) 2026 Energy Day with the theme, “Energy in Nigeria: From Potential to Reality”.
The President of NBCC, Mr Abimbola Olashore, said Nigeria stands at a defining moment in its energy transition as Africa’s largest oil producer with significant natural gas and renewable energy potential.
He said beyond oil and gas, the country possesses vast renewable resources capable of powering industries, homes and businesses nationwide.
Olashore noted that recent sector reforms, including the Petroleum Industry Act (PIA), rising investment commitments and growing interest in gas and renewable energy, had created fresh opportunities for growth.
He said the energy sector remains a key pillar of economic cooperation between Nigeria and the United Kingdom, particularly in gas infrastructure, energy transition, financing and innovation.
“As a Chamber, we remain committed to fostering dialogue, facilitating investment, and creating platforms that connect businesses with opportunities that drive sustainable growth and development,” he said.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said Nigeria has never lacked energy potential, citing abundant oil, gas, solar, water and human capital resources.
She, however, said the country’s challenge lies in converting potential into measurable outcomes across production, refining, power supply and revenue generation.
According to her, energy reform remains central to national competitiveness, with implications for manufacturing, agriculture, transportation, jobs and currency stability.
“That is the work President Bola Tinubu has mandated us to do; to move Nigeria’s energy sector from promise to performance, as energy is not simply a sector but the foundation of national competitiveness,” she said.
Verheijen said fuel subsidy removal and foreign exchange reforms had strengthened public finances and improved the investment climate.
She disclosed that federation revenue rose to about N21 trillion in 2024 from about N12 trillion in 2023, while local petrol production increased significantly, reducing import dependence.
“For the first time in a generation, the majority of petrol consumed in Nigeria is refined locally,” she said.
She added that reduced petrol imports had eased pressure on foreign exchange demand and supported currency stability.
Verheijen said government was prioritising natural gas as a driver of industrialisation, power generation, petrochemicals, fertiliser production and export growth.
She also said a presidential power sector debt reduction programme had been introduced to address long-standing debts in the electricity value chain.
According to her, a bond programme of up to N4 trillion has been approved to settle verified arrears and restore investor confidence.
Verheijen further said the national metering rate had risen to about 57 per cent, with ongoing deployments expected to expand access further.
She said Nigeria, in partnership with the World Bank, plans to deploy seven million additional meters over the coming years.
“To move from financial stabilisation to service delivery, to expand access and reliably power Nigeria’s industrial ambitions; that is where the NBCC has a role,” she said.
The British Deputy High Commission in Lagos, represented by Ms Grace Bell, First Secretary, Economic Partnerships, said the United Kingdom considers sustainable energy a key area for bilateral cooperation.
Bell said Nigeria’s energy sector presents major opportunities in engineering, finance, project development, grid management and renewable energy integration.
She noted that ongoing reforms in the power sector are expanding opportunities for private sector participation.
“The UK-Nigeria relationship is strongest when anchored on practical collaboration between businesses supported by the right policy environment,” she said.
The Chairman of NBCC Energy Group, Mr Taaj Shobayo, said Nigeria’s progress would be measured by its ability to convert resources into reliable energy, investment inflows and improved living standards.
Managing Director of Aradel Holdings, Mr Adegbite Falade, said indigenous producers would play a central role in shaping the country’s energy future.
He urged accelerated investments across the oil and gas value chain, improved execution of projects and stronger focus on gas development.
Falade also stressed that reliable electricity supply remains critical to productivity, industrial growth and economic development. Oil Prices Tumble by 5% as Iran Opens Strait of Hormuz
