The 2024 Edition of the Nigeria Energy Forum (NEF 2024) is targeting $100 million new financing for the energy sector.
The Chairman of NEF, Dr Oluwole Adeuyi, disclosed this during the 2024 conference which kicked off in Lagos on Monday.
Adeuyi spoke just as the Minister of Power, Chief Adebayo Adelabu, said the federal government remained committed to transforming the country’s power sector.
Adeuyi said the 2024 Forum followed a successful origination of a landmark $40m agro-industry financing deal at NEF 2023 between AfreximBank and a homegrown manufacturer.
He said, “The 2024 Forum is building on the success of last year’s story, and we have set a minimum target to originate and mobilise over $100m of new financing. This is to foster expansion of agro-industry and accelerate solid mineral processing in Nigeria, and the goal is to see our local manufacturers thriving globally.”
The NEF 2024 theme was titled: “Energising Sustainable Industrialisation”.
The Minister of Power, represented by the Director of Renewables and Rural Development, Dr Sunday Owolabi, stated that the federal government had “increased our installed generation capacity by bringing new power plants on line and rehabilitating existing ones. This has resulted in a substantial increase in the overall power supply to the national grid.”
He called on stakeholders, government agencies, private sector partners, international organisations and Nigerian people to join them in the endeavour.
The Head, Client Relations, Anglo West Africa, AfreximBank, Mr Peter Olowononi, said the bank was one of the biggest financial institutions supporting energy and industrialisation in Nigeria.
He said, “We are also financing a lot of the oil and gas companies which produce gas required to fire some of the Generation Companies (GenCos) in the country.
“We are at the forefront of lighting up Africa, industrialising Africa and ensuring that we are able to improve the economies of African countries.” The UNDP Resident Representative, represented by Muyiwa Odele, Environment Team Leader, said, “Unlocking Nigeria’s potential will require reliable, affordable and equitable access to sustainable energy to fully realise its full economic and industrial development potential.”
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