The Executive Director of Pipeline Infrastructure Nigeria Limited (PINL), Dr. Osahon Okunbo, has said Nigeria’s energy future depends largely on patient capital, strong community engagement and indigenous partnerships, as global financiers gradually pull back from Africa’s oil and gas sector.

Okunbo made the remarks at a panel session of the World Economic Forum (WEF) in Davos, Switzerland, themed “Powering Africa’s Next Growth Cycle: Gas, Renewables, Capital & Entrepreneurs in a Pragmatic Energy Transition Concept.”

He said the retreat of international financial institutions from fossil fuel investments presents an opportunity for local capital and expertise to take the lead in driving Africa’s energy transition.

According to him, the strong Nigerian presence at the forum was encouraging, stressing that while global financiers are shifting towards renewables, significant capital remains available within Africa.

“There is capital available in Africa and in Nigeria for these projects,” Okunbo said, citing investments in the Ajaokuta–Kaduna–Kano (AKK) gas pipeline, which he described as critical to boosting domestic gas supply and driving industrialisation in Northern Nigeria.

Addressing investor concerns around security and political risks, Okunbo said such fears are often overstated. He pointed to the successful delivery of over 600 kilometres of pipeline infrastructure across hundreds of communities as evidence.

“If security was truly the challenge it is perceived to be, these projects would not have been delivered,” he said, attributing recent successes to improved collaboration with security agencies and host communities.

He also noted that recent economic reforms, including fuel subsidy removal and exchange-rate unification, have helped improve investor confidence.

“Nigeria is more stable than it has been in the past and is open for business,” he added.

However, Okunbo warned that issues such as poor maintenance culture, insufficient reinvestment and weak community engagement are often underestimated.

Using the Trans-Niger Pipeline, built in the 1970s, as an example, he said years of underinvestment weakened critical infrastructure. He noted that active community involvement helped improve pipeline availability from about 3 per cent to 98 per cent following the transition from SPDC to Renaissance Energy.

In conclusion, Okunbo identified patient capital, strong indigenous partnerships and supportive regulatory frameworks as essential to Africa’s energy future, expressing optimism that ongoing power-sector reforms would unlock increased private investment.