Africa must scale up energy supply quickly, says Transcorp CEO

A call for Africa’s inclusion on energy access received a boost at the ongoing 9th Edition of the Future Investment Initiative (FII9) where Transcorp’s President/Group Chief Executive Officer, Dr Owen D. Omogiafo, spoke on the evolving nature of the global “Energy Trilemma” during a high-level plenary session.

The discussion at the annual forum hosted in Riyadh, Saudi Arabia, focused on the imperative of maintaining energy security to power economic growth, including the AI revolution, while ensuring a sustainable energy future.

Omogiafo, who spoke alongside global energy leaders across Europe, the United States, the Middle East and Asia, on the topic: “Board of Changemakers: The Energy Trilemma,” said Africa needs to improve its energy supply, and quickly too.

“I am from Nigeria, and my company is driving energy transformation. What we are looking at is not so much about whether we are transiting; it is creating greater access to energy for all. The gap is huge, and we all need to be conscious of it in energy conversations,” she said, highlighting Africa’s energy deficiency challenge.

“It will interest you to know that about 70 or 80 per cent of people with no access to electricity are in Africa, which is very disturbing, I believe. Today, the world is concerned about immigration. The people who are migrating are not migrating because they hate their homes, or because they hate their families, but because they feel they have to.”Owen reiterated to the audience that Africa’s priority remains “increasing the access to power and driving greater inclusion.” She said: “Affordability is right up there, and I will also tell you, the numbers we run in Nigeria, renewable is not cheaper for us.

“The only renewable that today is cheaper is the hydro and that’s because it’s been made a long time ago, the investment is already there, we have got the water but when I look at the statistics of my country Nigeria, just 12% of the power that goes to the grid comes from hydro, the remaining is from fossil, gas fired powered plants.”

Reflecting on the panel, Owen affirmed that “It is not either-or; we (Africa) do need to expand access, leveraging technologies including off-grid and mini grid sources to ensure that the Continent that has the largest number of young people in the world, is included in the energy solutions, with industrialisation at the core of it.”

She emphasised that for Africa, the solution must be pragmatic and inclusive. We must secure affordable power today to drive the development that will enable the sustainable energy systems of tomorrow.

Africa must scale up energy supply quickly, says Transcorp CEO - The Nation Newspaper