Sterling Bank Hosts Renewable Energy Colloquium, Seeks to Bridge $23bn Energy Gap

Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector and bridge the energy gap in the country, estimated at about $23bn. The maiden edition of the colloquium, held in Lagos, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

The colloquium, held under the theme ‘Beyond the Grid: Unlocking New Frontiers in Renewable Energy’, featured top government functionaries and players from the private sector.

Speaking at the event, Managing Director/Chief Executive Officer of Sterling Bank Limited, Mr Abubakar Suleiman, highlighted the bank’s desire to have an impact on the lives of people. He explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

“For an economy that is targeting a $1tn size, we know that energy availability, solving the energy problem, is critical. Therefore, we have to continue to speak about it, and in fostering our leadership in this space, we think that it is about time that we gather all the stakeholders in a room and have a conversation about this,” Suleiman said.

The CEO noted that the bank will focus on areas that can drive progress and expand access to energy, which is essential for supporting economic growth and overall development.

Delivering a keynote address, Managing Director/Chief Executive Officer of the Rural Electrification Agency, Dr Abba Aliyu, spoke on the vision, mission and mandate of the agency. He said that the agency was focused on three key areas, including energy security, energy equity and environmental sustainability.

Aliyu stated that the agency had done a cost analysis of what it would take to connect every last mile to the grid based on the most efficient technology, and the figure was about $23bn. “This is what we need to achieve universal access,” he said.

The colloquium is expected to provide a platform for stakeholders to discuss ways to accelerate the development of renewable energy in Nigeria and bridge the energy gap in the country.