Sterling Bank Limited has brought together key stakeholders in Nigeria’s renewable energy ecosystem to chart actionable pathways for expanding energy access and supporting economic growth.
The engagement, a high-level colloquium held in Lagos, focused on accelerating Nigeria’s transition to renewable energy as part of efforts to unlock inclusive growth and support the country’s ambition of building a one-trillion-dollar economy. The event was themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy.”
Speaking at the forum, the Managing Director and Chief Executive Officer of Sterling Bank, Abubakar Suleiman, said the bank is prioritising policy engagement in critical areas such as regulation and financing to help scale renewable energy solutions. Represented by the Group Executive, Corporate and Investment Banking, Dele Faseemo, Suleiman noted that improved energy access is central to economic development and national productivity.
A keynote address on “Scaling Electrification in Nigeria: The REA Impact” was delivered by the Managing Director and CEO of the Rural Electrification Agency (REA), Dr. Abba Aliyu.
He disclosed that Nigeria requires an estimated $26 billion to close its energy access gap and stressed that the country’s energy transition strategy integrates grid, mini-grid and off-grid solutions in alignment with climate and development goals.
Represented by a senior adviser, Aliyu said the REA is expanding funding windows, strengthening regulation and developing renewable energy value chains nationwide.
The Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the dialogue, noting that renewable energy and rural electrification remain core pillars of the Federal Government’s Renewed Hope Agenda. Represented by Engineer Samuel Ayangeaor, the minister said ongoing efforts to electrify underserved communities are aimed at driving economic activity, job creation and industrial growth.
In a goodwill message, Lagos State Commissioner for Energy and Mineral Resources, Biodun Ogunleye, highlighted the state’s renewable energy initiatives, including its planned two-gigawatt grid-scale solar project, describing them as part of the most ambitious energy transformation undertaken by the state.
Also speaking, Chief Executive Officer of Sterling One Foundation, Olapeju Ibekwe, urged participants to move beyond dialogue to concrete action, stressing that collective effort and intentional partnerships are required to deliver measurable impact in the renewable energy sector.
The colloquium featured panel discussions on financing renewable energy and scaling green solutions across Africa, reinforcing calls for stronger collaboration between government, financial institutions and private sector players to drive Nigeria’s energy transition.