The President/Group Chief Executive Officer of Transcorp, Dr Owen Omogiafo, has called for urgent action to expand energy access across Africa, warning that the continent must scale up its energy supply quickly to drive economic growth and inclusion.
Omogiafo made these remarks at the ninth edition of the Future Investment Initiative held in Riyadh, Saudi Arabia, where she joined global energy leaders from Europe, the United States, the Middle East, and Asia in a plenary session on ‘Board of Changemakers: The Energy Trilemma.’
Transnational Corporation Plc, which she presides over, is an indigenous conglomerate with investments in the power, hospitality, and energy sectors.
“I am from Nigeria, and my company is driving energy transformation. What we are looking at is not so much about whether we are transitioning; it is about creating greater access to energy for all. The gap is huge, and we all need to be conscious of it in energy conversations,” she said, highlighting Africa’s energy deficiency challenge.
Dr Omogiafo noted that the continent bears the brunt of global energy poverty: “It will interest you to know that about 70 or 80 per cent of people with no access to electricity are in Africa, which is very disturbing, I believe. Today, the world is concerned about immigration. The people who are migrating are not migrating because they hate their homes or because they hate their families, but because they feel they have to.
“Affordability is right up there, and I will also tell you; the numbers we run in Nigeria show that renewable is not cheaper for us. The only renewable that is cheaper today is hydro, and that’s because it was built a long time ago; the investment is already there, and we have got the water. But when I look at the statistics of my country, Nigeria, just 12% of the power that goes to the grid comes from hydro; the remainder is from fossil, gas-fired power plants.”
Reflecting on the panel discussion, Dr Omogiafo said Africa must adopt a pragmatic approach to energy development.
She said, “It is not either-or; we (Africa) do need to expand access, leveraging technologies including off-grid and mini-grid sources to ensure that the continent, which has the largest number of young people in the world, is included in the energy solutions, with industrialisation at the core of it. We must secure affordable power today to drive the development that will enable the sustainable energy systems of tomorrow.”
Dr Omogiafo’s remarks at FII9 reinforce Transcorp Plc’s role as a leading advocate in Africa’s energy transformation agenda and its commitment to improving lives and transforming Africa through strategic, sustainable investments.
