By Adeyinka Adeniran
Experts and stakeholders in Nigeria’s energy sector have called for a shift from policy reforms to effective implementation, stressing that disciplined execution remains critical to unlocking the country’s energy potential and accelerating economic development.
The experts made the call on Wednesday at the Annual Personality Lecture organised by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, with the theme: “Nigeria’s transition to competitive energy markets: Lessons from reform and the road ahead.”
The event, held in honour of renowned scholar and energy expert, Professor Akin Iwayemi, brought together academics, government representatives and industry players to examine Nigeria’s energy transition, ongoing reforms and the future direction of the sector.
Delivering the keynote address, Chief Finance Officer of Seplat Energy Plc, Mrs Eleanor Adaralegbe, said Nigeria must move beyond introducing reforms and focus on implementing policies that create measurable economic value.
She said, “Reform creates opportunities, but execution creates value,” noting that effective governance, investor confidence and strategic implementation were essential to building a competitive energy market.
According to her, governance strengthens confidence, while confidence attracts investment, adding that sustainable energy development requires both sound policies and consistent execution.
Adaralegbe described natural gas as a major catalyst for Nigeria’s industrial growth, stressing that the country’s vast gas reserves provide an opportunity to address energy challenges and accelerate economic transformation.
“Gas remains the engine of industrialisation,” she said, adding that Nigeria’s proven gas reserves, youthful population and strategic position within Africa provide a strong foundation for energy-led development.
The Seplat Energy executive noted that Nigeria’s demographic advantage, growing capital market and abundant energy resources could position the country as a major player in the global energy landscape if properly harnessed.
She identified supportive government policies, increased oil production, the decade of gas initiative, and improved investment frameworks as key measures capable of strengthening the energy sector.
Adaralegbe also stressed the importance of collaboration among government, industry stakeholders and investors to achieve national energy targets, including improved electricity generation, greater gas utilisation and sustainable industrial growth.
In his remarks, the Vice-Chancellor of the University of Ibadan, Professor Kayode Adebowale, who was represented by the Dean of the Faculty of Multidisciplinary Studies, Professor Peter Obutte, commended the initiative, describing the lecture as an important platform for national conversations on energy development.
The Chairman of the occasion, Emeritus Professor Uche Isiugo-Abanihe, expressed concern over Nigeria’s persistent electricity challenges despite its abundant natural resources and human capital.
He questioned why the country had continued to struggle with reliable power supply despite having the resources and expertise required to address the challenge.
“We must ensure that the ideas generated from academic and industry discussions do not remain on paper but are translated into practical solutions that can reach policymakers and relevant government agencies,” he said.
Isiugo-Abanihe also raised concerns over the challenges associated with Nigeria’s growing youthful population, warning that failure to create opportunities for young Nigerians could worsen social and economic pressures.
Speaking earlier, the Director of CPEEL, Professor Olugbenga Falode, said the annual lecture was established to celebrate individuals whose contributions have impacted scholarship, leadership and national development.
He described Professor Iwayemi as an outstanding academic whose influence extended beyond Nigeria through his research, teaching and mentorship.
“This lecture is a celebration of a lifetime of scholarship, leadership and service,” Falode said, noting that true greatness is measured by the lasting impact an individual leaves on society.
He stated that Nigeria was at a critical stage in its energy history, possessing enormous resources but still facing challenges such as unreliable electricity supply, high energy costs and widespread energy poverty.
According to him, solving these challenges requires collaboration among professionals from different fields, including engineers, economists, lawyers, policymakers and industry experts.
Falode added that CPEEL was created to promote research, policy engagement, executive education and partnerships aimed at advancing sustainable energy development.
