The President of the Nigerian-British Chamber of Commerce (NBCC), Abimbola Olashore, has emphasized the need for Nigeria to develop an efficient, investable, innovative, and sustainable energy ecosystem. This, he said, is crucial for driving the country's long-term economic transformation. Olashore made this call during the NBCC's maiden power summit, themed "Powering Nigeria's Economic Transformation: Unlocking Investment, Innovation and Sustainable Energy Solutions." The summit aimed to address the country's energy challenges and explore opportunities for collaboration with the United Kingdom.
According to Olashore, energy is the backbone of every modern economy, powering businesses, industries, homes, transportation, and digital infrastructure. He noted that reliable, affordable, and sustainable energy is essential for businesses to grow, investments to become attractive, and industries to become competitive. Conversely, unreliable and expensive energy affects productivity, competitiveness, employment, and the pace of national development. Nigeria's economic growth and development, therefore, hinge on addressing its energy challenges.
Olashore highlighted Nigeria's enormous energy potential, including natural gas and renewable resources, a large and growing market, and a vibrant entrepreneurial ecosystem. However, converting this potential into reliable and affordable energy remains one of the country's most significant economic challenges. The cost and reliability of power directly influence the ability of businesses, particularly manufacturers, SMEs, and energy-intensive industries, to operate, expand, and compete.
The NBCC President emphasized that building an efficient, investable, innovative, and sustainable energy ecosystem requires attention across the entire value chain. This includes generation, transmission, distribution, metering, financing, regulation, and the consumer. It also requires embracing innovation to address the country's energy challenges. Olashore noted that the power and energy sector presents a significant opportunity for collaboration with the United Kingdom, which has extensive experience in areas such as energy transition, renewable energy, infrastructure financing, energy efficiency, technology, and sustainable development.
Nigeria offers substantial opportunities for investment, innovation, and market development in the energy sector. Olashore stressed that the question before the country is not simply how to generate more electricity, but how to build a sustainable energy ecosystem that can support long-term economic transformation. This requires a comprehensive approach that addresses the challenges across the energy value chain.
The NBCC's maiden power summit provided a platform for stakeholders to discuss Nigeria's energy challenges and explore opportunities for collaboration with the United Kingdom. The summit aimed to unlock investment, innovation, and sustainable energy solutions to drive Nigeria's economic transformation. The event brought together experts, policymakers, and business leaders to share insights and ideas on how to address the country's energy challenges.
The collaboration between Nigeria and the United Kingdom in the energy sector is expected to drive innovation, investment, and sustainable development. The UK's experience in energy transition, renewable energy, and infrastructure financing can support Nigeria's efforts to develop a sustainable energy ecosystem. By working together, both countries can unlock opportunities for economic growth, job creation, and sustainable development.
Key points
- NBCC President Abimbola Olashore calls for development of efficient, investable, innovative, and sustainable energy ecosystem
- Nigeria's energy challenges hinder productivity, competitiveness, employment, and national development
- Collaboration with the UK can drive innovation, investment, and sustainable development in Nigeria's energy sector
