Transcorp Chairman/Group Chief Executive Officer Owen Omogiafo has called for urgent action to expand Africa's energy supply, stressing that access to energy is fundamental to the continent's economic growth and participation in the global sustainability drive.
Speaking during a high-level plenary session titled “Changemakers Board: The Energy Trilemma” at the 9th edition of the Future Investment Initiative (FII9) in Riyadh, Saudi Arabia, Omogiafo said that while the global conversation focuses on the energy transition, Africa’s priority must remain access and affordability.
“What we're seeing is not so much that we're making changes; it's about creating greater access to energy for everyone. The gap is huge, and we all need to be conscious of that in energy conversations,” he said.
Omogiyafo said 70 to 80 percent of people without electricity globally live in Africa, calling it a serious development challenge that drives migration and hinders industrialization.
“People who are fleeing are not doing so because they hate their homes or families, but because they feel they have to,” he said.
Also read: Inside Nigeria's billion-dollar naira watermelon market
Addressing affordability concerns, the Transcorp chief observed that renewable energy is still not affordable in Nigeria, except for water sources, which account for only 12 percent of the national grid supply. The remainder comes primarily from fossil and gas-fired power plants, he said.
He called for a practical and inclusive energy strategy for Africa that leverages on-grid and off-grid technologies, including mini-grid solutions, to accelerate access and support the continent's growing youth population.
“It's not either-or; we need to expand access by leveraging technologies to ensure that the continent with the world's largest youth population is included in the energy solutions at the core of industrialization,” she said.
Omogiyafo's comments came as global energy leaders from Europe, the United States, the Middle East and Asia discussed maintaining energy security amid a rapid AI revolution and the transition to a sustainable energy future.
His advocacy on the global stage underscores Transcorp Plc's leadership in Africa's energy transition and its steadfast commitment to improving lives and transforming Africa through strategic, sustainable investments.
