Energy experts and key stakeholders have called on the Federal Government to prioritise the effective implementation of energy sector reforms, stressing that consistent execution of existing policies is crucial to unlocking Nigeria’s energy potential and promoting long-term economic growth.
The appeal was made during the Annual Personality Lecture organised by the Centre for Petroleum, Energy Economics and Law (CPEEL) at the University of Ibadan. The event, themed “Nigeria’s Transition to Competitive Energy Markets: Lessons from Reform and the Road Ahead,” honoured renowned energy economist, Prof. Akin Iwayemi.
The lecture brought together academics, policymakers and industry professionals to discuss Nigeria’s energy transition and the obstacles affecting the sector.
Delivering the keynote address, the Chief Financial Officer of Seplat Energy Plc, Eleanor Adaralegbe, said Nigeria has made notable progress in introducing reforms but must now focus on implementing policies that produce tangible economic results.
She emphasised that while reforms create opportunities, it is effective implementation that generates real value, adding that good governance, investor confidence and strategic execution are essential for building a competitive energy market.
According to Adaralegbe, strong governance helps attract investment and provides the foundation for sustainable growth within the energy industry.
She described natural gas as a key driver of Nigeria’s industrialisation, noting that the country’s vast gas reserves could help address energy shortages, boost industrial development and stimulate economic expansion.
Adaralegbe also said Nigeria’s youthful population, expanding capital market and strategic position in Africa could make the country a preferred destination for energy investments if government policies remain stable and the business environment improves.
She identified increased crude oil production, full implementation of the Federal Government’s Decade of Gas initiative and stronger investment policies as important steps toward transforming the energy sector.
The Seplat executive further advocated closer collaboration between the government, private investors and industry operators to achieve national goals in electricity generation, gas utilisation and industrial development.
Also speaking, the Vice-Chancellor of the University of Ibadan, Prof. Kayode Adebowale, represented by Prof. Peter Obutte, described the lecture as an important platform for advancing discussions on Nigeria’s energy future.
Chairman of the event, Emeritus Prof. Uche Isiugo-Abanihe, expressed concern over the country’s persistent electricity challenges despite its abundant natural and human resources.
He urged policymakers to translate recommendations from researchers and industry experts into practical actions capable of addressing Nigeria’s energy challenges.
Earlier, the Director of CPEEL, Prof. Olugbenga Falode, said the annual lecture recognises individuals who have made significant contributions to research, leadership and national development.
He noted that despite Nigeria’s abundant oil and gas resources, the country continues to face unreliable electricity supply and widespread energy poverty, stressing that overcoming these challenges requires sustained collaboration among professionals, policymakers and industry stakeholders.
