The stakeholders at the Nigerian-British Chamber of Commerce (NBCC) 2026 Energy Day have called for sustained reforms, increased investment and more public-private partnerships to convert the Nigeria’s vast energy resources into tangible economic growth and industrial development.
Speaking at the Nigerian-British Chamber of Commerce (NBCC) 2026 Energy Day with the theme,“Energy in Nigeria: From Potential to Reality”, in Lagos, the President of NBCC, Mr Abimbola Olashore, stated that Nigeria stands at a defining moment in its energy transition as Africa’s largest oil producer with significant natural gas and renewable energy potential.
He noted that beyond oil and gas, Nigeria possesses vast renewable resources capable of powering industries, homes and businesses nationwide.
According to Olashore, recent sector reforms, including the Petroleum Industry Act (PIA), rising investment commitments and growing interest in gas and renewable energy, created fresh opportunities for growth.
He explained that the energy sector remains a key pillar of economic cooperation between Nigeria and the United Kingdom, particularly in gas infrastructure, energy transition, financing and innovation.
“As a Chamber, we remain committed to fostering dialogue, facilitating investment, and creating platforms that connect businesses with opportunities that drive sustainable growth and development,” he said.
The Special Adviser to the Nigerian President on Energy, Mrs Olu Verheijen, in her speech stated Nigeria has never lacked energy potential, citing abundant oil, gas, solar, water and human capital resources.
She, however, noted that said the challenge lies in converting potential into measurable outcomes across production, refining, power supply and revenue generation.
According to her, energy reform remains central to national competitiveness, with implications for manufacturing, agriculture, transportation, jobs and currency stability.
“That is the work President Bola Tinubu has mandated us to do; to move Nigeria’s energy sector from promise to performance, as energy is not simply a sector, but the foundation of national competitiveness,” she said.
Verheijen said that fuel subsidy removal and foreign exchange reforms had strengthened public finances and improved the investment climate.
She disclosed that federation revenue rose to about N21 trillion in 2024 from about N12 trillion in 2023, while local petrol production increased significantly, reducing import dependence.
“For the first time in a generation, the majority of petrol consumed in Nigeria is refined locally,” she said.
She added that reduced petrol imports had eased pressure on foreign exchange demand and supported currency stability.
Verheijen said that the government was prioritising natural gas as a driver of industrialisation, power generation, petrochemicals, fertiliser production and export growth.
She also said that a presidential power sector debt reduction programme had been introduced to address long-standing debts in the electricity value chain.
According to her, a bond programme of up to N4 trillion has been approved to settle verified arrears and restore investor confidence.
In a remark, the British Deputy High Commission in Lagos, represented by Ms. Grace Bell, First Secretary, Economic Partnerships, said that the United Kingdom considers sustainable energy a key area for bilateral cooperation.
Bell stated Nigeria’s energy sector presents major opportunities in engineering, finance, project development, grid management and renewable energy integration.
She noted that the ongoing reforms in the power sector are expanding opportunities for private sector participation.
“The UK-Nigeria relationship is strongest when anchored on practical collaboration between businesses supported by the right policy environment,” she said.
GIK/APA