Experts and stakeholders in Nigeria’s energy sector have urged the Federal Government to shift its focus from policy formulation to effective implementation of reforms, arguing that disciplined execution is essential to unlocking the country’s vast energy potential and driving sustainable economic growth.
The call was made at the Annual Personality Lecture organised by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, themed, ‘Nigeria’s Transition to Competitive Energy Markets: Lessons from Reform and the Road Ahead’.
The lecture, held in honour of a renowned energy economist, Prof. Akin Iwayemi, brought together academics, policymakers and industry leaders to examine Nigeria’s energy transition and the challenges confronting the sector.
Delivering the keynote address, the Chief Financial Officer of Seplat Energy Plc, Eleanor Adaralegbe, said that although Nigeria had made significant progress in introducing reforms, greater attention must now be paid to implementing policies capable of delivering measurable economic benefits.
“Reform creates opportunities, but execution creates value,” she said, stressing that sound governance, investor confidence and strategic implementation are fundamental to building a competitive energy market.
According to her, effective governance inspires confidence, attracts investment and provides the foundation for sustainable growth across the energy sector.
She added that Nigeria’s youthful population, growing capital market and strategic position in Africa could make the country a leading energy investment destination, provided government policies remain consistent, and the business environment becomes more attractive.
The Seplat executive identified increased crude oil production, full implementation of the Federal Government’s Decade of Gas initiative and stronger investment frameworks as critical to repositioning the sector.
She also called for closer collaboration among the government, industry operators, and investors to achieve national objectives in electricity generation, gas utilisation, and industrial development.
Speaking at the event, the Vice-Chancellor of the University of Ibadan, Professor Kayode Adebowale, represented by the Dean of the Faculty of Multidisciplinary Studies, Professor Peter Obutte, described the lecture as an important platform for shaping national discourse on energy development.
Chairman of the occasion, Emeritus Professor Uche Isiugo-Abanihe, lamented Nigeria’s persistent electricity challenges despite its abundant natural and human resources.
He urged policymakers to translate recommendations from academia and industry into practical actions to address the country’s energy crisis.
“We must ensure that the ideas generated from academic and industry discussions do not remain on paper but are translated into practical solutions that reach policymakers and relevant government agencies,” he said.
Earlier, Director of CPEEL, Prof. Olugbenga Falode, said the annual lecture celebrates distinguished individuals whose contributions have advanced scholarship, leadership and national development.
He noted that despite Nigeria’s abundant oil and gas resources, the country continues to struggle with unreliable electricity supply and widespread energy poverty, adding that addressing these challenges requires sustained collaboration among engineers, economists, lawyers, policymakers and industry practitioners.
He reaffirmed CPEEL’s commitment to promoting research, policy engagement and partnerships that support sustainable energy development.
SOURCE: Guardian Nigeria