October 21, 2019

First Nigerian Energy Risk summit convenes in Lagos

First Nigerian Energy Risk summit convenes in Lagos

By Ekaette Bassey

In the wake of the energy crisis in Nigeria, a group of seasoned experts converged at the prestigious Four Points by Sheraton, Lagos, to address challenges, opportunities and explore solutions for new ideas on energy generation, transmission and distribution to achieve sustainable economic growth by 2030. The Energy Resource Risk and Governance Summit took place on Thursday, October 17, 2019, as power brokers and renown authorities in the energy and government functionaries, met to collectively fashion out workable modalities to tackle the country’s current energy crisis.


Fola Tinubu, the Managing Director/Chief Executive Officer, Primero Transport Services Limited stated the huge cost it takes to put commercial buses on Lagos road every day. He stated that it costs no less than N3.6 trillion to generate energy for the transportation industry in Nigeria. The huge energy consumption in the sector, calls for an emergency intervention of Compressed Natural Gas (CNG), as an alternative energy source that fits into the budget.

Suleman Yusuf, the MD, Blue Camel Energy called on state agencies and public institutions to create a plan that will make Nigeria’s electric run interdependently on carbon-free energy sources to cater for the world geometric population growth which is projected to be about 1.6 billion by 2035.

Suleman hopes 30% of Nigeria’s electricity will come from renewable sources like wind, solar and nuclear.

“We know the importance of a true shift to reliance on renewable energy sources in reducing our carbon footprint, growing our economy, and creating the clean energy jobs of the future,” Suleman said in his presentation.

The Governor of Lagos State, His Excellency Babajide SanwoOlu represented by Lagos State Commissioner for Energy and Mineral Resources, Engr Olalere Odusote stated that Lagos State is working towards ensuring that the State meets the urgency of the challenges brought on by climate change. “The Grid Transformation and Security Act will allow us to accomplish many of the clean energy goals laid out today, and we look forward to working with stakeholders on the next steps needed to accomplish all of them.”

“The path to achieving a sustainable energy future is not through a utility monopoly whose profit model is built on expensive fossil fuel projects.” the Governor added.

Dr. Omawunmi Kola-Lawal, Environmental & Social Risk Manager at Africa Finance Corporation points out the need to consider the possible risk attached in the course of building large energy infrastructure. She deployed the Tripple bottom line ideal (People, Planet, Profit) to reiterate the need to build infrastructure without creating other problems in society.

Ms Mobola Faloye, ED/CRO-Standard Chartered Bank Nigeria, proffers a guiding rule for concerned power brokers. She said the essence of conceptualization is to give a clearly defined criterion for evaluation and assessment, “Let’s see sustainability from the angle of meeting the needs of the present generation without compromising the ability of future generation”, she hinted.

The convener, Joachim Adenusi in his remarks stated that the world is moving ahead of Nigeria in innovation and development. Going solar is not just an eco-friendly goal, an ambition that would help fight climate change. It’s a business reality, he said. While Nigeria is busy discovering crude in the north, America is planning to get rid of gas-powered vehicles. Where do you think those vehicles will be dumped eventually? he asked.

This summit inspired by Conrad Clark’s Nigeria Ltd, rekindled innovation and knowledge exchange, towards the advancement of technology and investment across borders of Nigeria, and between the public and private sectors across the board, helping to stimulate sustainable growth for all stakeholders in the energy sector.