Business
Global Energy Transition Must Be Sensitive To Africa’s Priorities -Osinbajo
The Vice President, Prof Yemi Osinbajo, has said that the global energy transition must be managed in a way that is sensitive to Africa’s priorities.
In a statement, yesterday in Abuja, Osinbajo’s spokesman, Laolu Akande, said the vice-president spoke virtually at the 2022 Standard Bank Climate Summit themed, “Africa’s Path to Carbon Neutrality”.
Osinbajo’s focus was on how to manage the energy transition to net-zero in the context of Africa’s unique challenges, such as energy poverty.
The vice-president said that the current global energy transition was both an opportunity for the preservation of the earth, unlocking the potential and livelihoods of millions of people, especially those in developing countries.
“The current energy transition is an opportunity like none other for the preservation of the planet.
“But, it can also be a vehicle for unlocking the development potential and livelihoods of millions of people; there is no reason why we cannot have both.
“The global community must account for diverse realities and accommodate various pathways to net-zero, particularly for African nations.
“This is because they need financial and technical support as well as the flexibility to develop as swiftly as possible,” he added.
According to Osinbajo, this will ensure a fair and balanced energy transition that leaves no one behind.
The vice-president said: “How we manage the global energy transition must be sensitive to Africa’s priorities.
“The global energy transition must place energy access for both consumptive and productive uses at the heart of climate action.”
Osinbajo said that to ensure a global energy transition that was favourable, African nations needed to engage more critically and vocally on the matter.
The vice-president made reference to Nigeria’s Energy Transition Plan(ETP) as a leading light.
“The value of having a nation-specific, data-driven plan as the basis of our activities and engagements cannot be overemphasised.
“The plan provides a clear financial estimate for the achievement of Nigeria’s energy access and transition goals.
“The ETP finds that an additional 10 billion dollars over business as usual is required annually till 2060 to shift the entire economy to a net-zero pathway; we hope to see more of such plans on the continent,” Osinbajo said.
He said that efforts were being made to have a pan-African position on energy transition.
Osinbajo said: “This is underway with certain countries including Nigeria developing and signing on to the Kigali Communiqué which came out of the Sustainable Energy for All Forum in June, and outlines principles for a just and equitable energy transition.
“We must take ownership of our transition pathways and design climate-sensitive strategies that address our growth objectives.
“We must clearly and thoroughly articulate our priorities, strategies and needs.
“Though Africa’s current unmet energy needs are huge, future demand will be even greater as populations expand, people move into the middle class and rapid urbanisation continues.”
The vice-president recalled that in 2020, Sub-Saharan Africa had 568 million people without access to electricity.
Osinbajo said that the aforementioned represented more than three-quarters of the world’s total un-electrified population.
According to him, most developed nations have 100per cent energy access.
The vice-president said: “Surely, the race to net-zero must not leave people in the dark.
“Also, Sub-Saharan Africa remains the only region in which the number of people without access to clean cooking fuels and technologies is rising.
“19 of the 20 countries with lowest clean cooking access rates are in Africa.
“Limiting the development of gas projects, as a critical energy transition pathway for Africa, violates enshrined principles of equity and justice.
“It also poses dire challenges for African nations while making an insignificant dent in global emissions.”
Osinbajo said Africa had contributed the least of any global region to greenhouse gas emissions and currently emits under 4 per cent of global emissions.
The vice president said that under no plausible scenario were Africa’s emissions a threat to global climate targets.
“Unfounded predictions should not serve as excuses to limit our energy technology options.
“Limiting financing of gas projects for domestic use in Africa would pose a severe challenge to the pace of economic development, delivery of electricity access and clean cooking solutions, and the scale-up and integration of renewable energy into the energy mix,” he added.
On financing energy transition, Osinbajo said a balanced and just approach to the energy transition recognised that finance was key.
He said that lack of access to finance remained the biggest challenge for accelerating action on energy access and climate goals in Africa.
The vice-president restated the call on developed countries to bridge the disparity in energy investments.
“Of the $2.8trillion invested in renewable energy from 2000 to 2020, only about 2per cent, $60billion came to Africa.
“It has been estimated by the International Energy Agency that Africa will need around $133billion annually in clean energy investment to meet our energy and climate goals between 2026 and 2030,’’ he said.
The Standard Bank Group, which hosted the event, had committed to achieving net zero carbon emissions from its own operations for newly built facilities by 2030.
The group also said it would be targeting net zero emissions for existing facilities by 2040, and from its portfolio of financed emissions by 2050.
The Minister of State for Industry, Trade and Investment, John Enoh said this at the 8th annual induction and conference of the Chartered Institute of Project Managers of Nigeria (CIPMN).
He explained that abandoned projects continue to lock up public funds that could have been used for infrastructure development, industrial growth, job creation and essential social services.
Represented by the ministry’s Permanent Secretary, Chris Osa Isokpunwu, he said the impact goes beyond financial losses, as incomplete projects affect communities and limit access to important public services
He cited examples of that remain unopened, schools that cannot accommodate students, roads that fail to connect communities and electricity projects that have not delivered their intended benefits.
The Registrar-General and Chief Executive Officer of CIPMN, Henry Ifeanyi Mbadiwe, also identified poor project management as a major challenge affecting development in Nigeria.
He revealed that the institute had developed a project management curriculum for Nigerian universities, which has received approval from the National Universities Commission (NUC). The programme is expected to enable universities to offer project management as a bachelor’s degree.
Mbadiwe further referenced findings by the Presidential Projects Assessment Committee, which identified 11,886 ongoing federal capital projects in 2011, with an estimated financial commitment of ?7.78 trillion.
He noted that inadequate planning, supervision, accountability and implementation were among the factors contributing to the abandonment of projects across the country.
The minister called for stronger project management structures across ministries, departments and agencies to improve planning, monitoring and evaluation.
He added that the Federal Ministry of Industry, Trade and Investment had introduced a 90-day implementation reporting cycle to strengthen transparency and monitor the progress of government programmes.
Ikenga said the company remained committed to Nigeria’s power sector and would continue investing in its operations despite the challenging business environment.
He spoke in Lagos at the third edition of the Shell Power Conference, themed “Powering Nigeria’s Progress: Turning Ambition and Action into Sustainable Impact”.
The Transcorp Power chief said the company would sustain electricity generation, invest in its facilities and deliver value to shareholders.
“Transcorp Power is a long-term player, not a short-term player. This year has been challenging, but what is important is getting power to schools, hospitals and businesses to power progress,” he said.
Ikenga said the company’s focus on operational efficiency and investment had strengthened its contribution to Nigeria’s electricity supply.
He disclosed that since acquiring the Ughelli Power Plant in Delta State in 2013, Transcorp Power had quadrupled its available generation capacity.
He also said the company became the first privatised power generation firm to receive a post-privatisation discharge certificate after fulfilling all its privatisation obligations.
The company’s unaudited results for the nine months ended September 30, 2026, showed a profit before tax of N83.1 billion, while its profit-before-tax margin rose to 31.2 per cent from 29.6 per cent recorded in the corresponding period of 2025.
Its total assets rose to 11.7 per cent amounting to N629.5 billion, while shareholders’ funds grew 8.9 per cent to N199.8 billion. Cash and cash equivalents also rose to N10.3 billion, supported by improved collections.
On the company’s contribution to grid stability, Ikenga said Transcorp Power’s black-start capability enabled it to restart operations without relying on electricity from the national grid.
He explained that the capability allowed the company to support power restoration following grid disturbances, helping to restore electricity supply to homes, businesses and industries.
Ikenga noted that Nigeria had an installed electricity generation capacity of about 13,000 megawatts, with an estimated potential of 50 gigawatts, adding that realising the potential would require effective coordination across the entire value chain.
“Everything in the value chain has to work,” he said.
He called for stronger collaboration among federal and state governments, regulators and private-sector operators, alongside increased private investment, to build a sustainable electricity market.
This was contained in a statement issued on Thursday by his Senior Special Assistant on Communications and Press Secretary, Maryann Duke.
The statement said Oyedele pointed to “improved digital systems, including electronic invoicing, as a key driver behind a record of N33tn in government revenue collected between January and October 2026.”
The minister said the performance demonstrated the potential of technology to improve revenue administration, strengthen compliance and increase efficiency across government institutions.
Speaking on the theme, ‘Digital Sovereignty and Ethics: Guarding the Economy for the Next Generation,’ Oyedele warned that Nigeria risked losing substantial economic opportunities if it continued to depend heavily on foreign digital infrastructure.
Citing Nigerian Communications Commission figures, he disclosed that the country recorded more than 157 million active internet subscriptions as of May 2026.
He explained that these connections generated significant volumes of information through financial transactions, healthcare, education and taxation.
However, citing estimates from the Nigeria Data Protection Commission, Oyedele said as much as 90 per cent of the country’s data was hosted abroad.
According to him, the situation has implications for foreign exchange expenditure, employment opportunities, technological skills and Nigeria’s control over information generated by its citizens.
He compared the country’s reliance on foreign digital infrastructure with its historical dependence on imported refined petroleum products, warning against a situation where Nigerian data would be processed abroad and the resulting services sold back to domestic users.
The minister consequently advocated greater investment in local data infrastructure, technical expertise, cybersecurity and predictable regulations to enable Nigerian businesses to capture more value from the digital economy.
He clarified that digital sovereignty should not translate into technological isolation but should strengthen Nigeria’s capacity to participate competitively in international markets.
Addressing graduating students, Oyedele urged young Nigerians to become developers of technological solutions rather than remain primarily consumers of products created elsewhere.
He identified artificial intelligence as both a disruptive force and an opportunity for innovation, advising graduates to acquire relevant digital skills alongside critical thinking, creativity, sound judgement and integrity.
The minister also cautioned against irresponsible online behaviour, explaining that digital footprints increasingly influence employment prospects, commercial relationships and professional credibility.
Oyedele outlined five priorities for graduates, including continuous learning, value creation, integrity, responsible digital citizenship and active participation in national development.
“Your degree is evidence of what you have learned. Your competence will demonstrate what you can do. Your character will reveal who you truly are,” he told the graduating students.
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