‘Scale Up Energy Supply For Africa’s Industrialisation, Inclusive Growth’

Urgent action is needed to close Africa’s widening energy access gap, even as the continent scales up its power generation and distribution to drive industrialisation and inclusive growth.

Speaking during a high-level plenary session at the 9th edition of the Future Investment Initiative (FII9)in Riyadh, Saudi Arabia, president/Group chief executive officer of Transcorp Plc, Dr. Owen D. Omogiafo, joined global energy leaders from Europe, the United States, the Middle East, and Asia to discuss ‘The Energy Trilemma’ the balance between energy security, sustainability, and affordability.’
Dr. Omogiafo underscored the need for Africa’s inclusion in global energy dialogues, noting that despite its abundant natural resources, the continent remains severely underpowered.

“I am from Nigeria, and my company is driving energy transformation. What we are focused on is not just transition, but creating greater access to energy for all. The gap is huge, and we all need to be conscious of it in global energy conversations,” she said.

She described Africa’s energy poverty as alarming: “About 70 to 80 per cent of people without access to electricity are in Africa. It is very disturbing. Many who migrate from the continent do so not because they dislike their homes or families, but because they feel they must seek better living conditions elsewhere.”
Reiterating that affordability remains a major concern, the Transcorp president explained that renewable energy is not yet the cheapest option for many African nations.

“The numbers we run in Nigeria show that renewable energy is not cheaper for us now. The only renewable that is cheaper is hydro, and that’s because the infrastructure already exists. In Nigeria, just 12 per cent of our grid power comes from hydro; the rest is gas-fired,” she stated.
Omogiafo argued that Africa’s energy journey cannot be a simple choice between fossil fuels and renewables but must be pragmatic, inclusive, and technology-driven.

“It is not either-or. We need to expand access using off-grid and mini-grid technologies to ensure that the continent, with the largest youth population in the world, is not left behind in global energy solutions,” she said.

Consequently, Dr Omogiafo emphasised that achieving affordable and reliable energy is fundamental to Africa’s sustainable development. “We must secure affordable power today to drive the growth that will enable the sustainable energy systems of tomorrow,”

She reiterated Transcorp Plc’s commitment to improving lives and transforming Africa through strategic, sustainable investments.