Dike Onwuamaeze
The President of Nigerian-British Chamber of Commerce (NBCC), Mr. Abimbola Olashore, has called for the building of “an efficient, investable, innovative and sustainable energy ecosystem that can support Nigeria’s long-term economic transformation.”
Olashore made the call last week during the NBCC’s maiden power summit the with the theme “Powering Nigeria’s Economic Transformation: Unlocking Investment, Innovation and Sustainable Energy Solutions.”
He said: “Energy is the foundation of every modern economy. It powers businesses, industries, homes, transportation and digital infrastructure. Where energy is reliable, affordable and sustainable, businesses can grow, investments become more attractive, industries become more competitive and innovation can flourish. Conversely, unreliable and expensive energy affects productivity, competitiveness, employment and the pace of national development.”
According to him, Nigeria possessed enormous energy potential, from natural gas and renewable resources to a large and growing market and a vibrant entrepreneurial ecosystem.
“Yet, converting this potential into reliable and affordable energy remains one of our most important economic challenges. For businesses, particularly manufacturers, SMEs and energy intensive industries, the cost and reliability of power directly influence their ability to operate, expand and compete. For investors, however, these challenges also represent significant opportunities.
“The question before us is, therefore, not simply how to generate more electricity, but how to build an efficient, investable, innovative and sustainable energy ecosystem that can support Nigeria’s long-term economic transformation. This requires attention across the entire value chain, from generation, transmission and distribution to metering, financing, regulation and the consumer. It also requires us to embrace innovation,” he said.
Olashore said that the power and energy sector present a significant opportunity for collaboration with The United Kingdom that has extensive experience in areas including energy transition, renewable energy, infrastructure financing, energy efficiency, technology and sustainable development, while Nigeria offers substantial opportunities for investment, innovation and market development.