By Juliet Umeh

In a decisive call to action, stakeholders in Nigeria’s energy sector have underscored the urgent need for data transparency as a catalyst for attracting meaningful investment and accelerating the country’s transition to clean, renewable energy.

The charge was made during a panel session titled “Public-Private Partnership & International Collaboration Driving Renewable Energy Adoption in Nigeria,” held as part of the Stakeholders’ Workshop on Overcoming Barriers to a Sustainable Energy Transition organized by the Consumer Advocacy and Empowerment Foundation, CADEF.

Speaking at the event, energy regulators, private sector leaders, financial experts, and civil society representatives agreed that transparent, verifiable, and accessible data is critical to unlocking Nigeria’s renewable energy potential.

Engr. Balogun, CEO of the Lagos State Electricity Agency, said: “Without data, there’s no planning; and without planning, there’s no progress. We cannot attract serious private investment or international financing unless we establish end-to-end metering and create a clear financial structure backed by real numbers.”

During the panel discussion, Balogun added: “The truth is, the distribution infrastructure of the two DisCos in Lagos is old. Since the 2014 privatization, there hasn’t been any significant grid extension. One of the main reasons is the lack of transparency in the current system. Without transparency, it’s impossible to attract investments or secure bank loans for infrastructure development.

“However, the introduction of an Independent System Operator (ISO) will bring transparency to the market. Everyone will be able to see how much the market is generating monthly, which will help attract funding from international financial institutions. Their main constraint is funding,” Balogun added.

An electricity specialist with a background in banking, Dr. Segun Adadju, said:

“Investors need to see transparency in collections, cash flow, and regulatory policies. Lagos State is leading by example through the introduction of performance-based KPIs and open access frameworks. This model should be replicated nationwide.”

CADEF’s Executive Director, Prof. Chiso-Ndukwe Okafor, used the occasion to unveil the Renew Energy Nija platform— a digital one-stop-shop designed to empower Nigerian consumers with tools, information, and verified service providers for distributed renewable energy solutions, especially solar.

She revealed that the platform was built on a foundation of data-driven research conducted across 12 states in Nigeria and benchmarked against global best practices.

Okafor said: “This platform is not just a website; it’s a national resource. By gathering data from consumers, vendors, and regulators, we created a tool that not only informs but inspires change. If we want to build a truly inclusive and sustainable energy future, data must be our starting point.”

Other panelists cited the importance of smart metering, independent system operators, and risk insurance as mechanisms to boost investor confidence, reduce market inefficiencies, and address Nigeria’s persistent infrastructure gaps.

Representatives from the financial and insurance sectors— including Head of Renewable Energy at FCMB, Miss Chinma George, and insurance expert Adetola Adegbayi— emphasized the need for proper risk management tools and structured payment systems to ensure returns on investment for energy projects.

George stated: “From a financier’s perspective, we need transparency and clear returns on investment. Any project must have a history of cash flow and a solid future projection. For solar energy projects, for example, we require that developers use smart meters. This allows us to track payments and collections—essential for financing such initiatives.”

Adegbayi added: “Insurance also plays a key role. It can cover physical risks, like equipment damage. To scale solar energy, we need to consider funding from an equity perspective.”

CADEF’s initiative aligns with Nigeria’s Vision 30-30-30, which aims to generate 30 gigawatts of electricity by 2030, with 30 percent from renewable sources.