Stakeholders have urged the Federal Government to move beyond policy formulation and ensure the effective implementation of energy sector reforms to unlock Nigeria’s vast energy potential.
They identified poor policy execution, weak institutions and inadequate infrastructure as major barriers to sustainable energy development and investment in the country.
The call was made on Wednesday at the 4th Dr. Diran Fawibe Annual Lecture Series held at the International Conference Centre, University of Ibadan, Oyo State.
The event, organised by the Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, in collaboration with International Energy Services Limited (IESL), brought together energy experts, academics and industry stakeholders.
Delivering the keynote lecture titled ‘The Public-Private Energy Shift: Innovation, Investment, Implementation,’ Professor Yinka Omorogbe (SAN) said Nigeria possesses abundant natural resources capable of meeting its energy demands but has continued to underperform due to governance challenges and poor implementation of existing policies.
She stressed that government and the private sector should focus on their respective strengths instead of competing for the same responsibilities.
According to her, government should concentrate on strengthening policy and regulatory frameworks and creating an enabling environment for investment, while the private sector should drive financing, innovation and project execution.
Omorogbe noted that investors would be more willing to commit resources to Nigeria if they were assured of stable policies, transparent regulations, enforceable contracts and credible institutions.
She also emphasised the need to strengthen collaboration between research institutions and investors to ensure innovative ideas are adequately funded and commercialised.
Chairman of the occasion, Dr. Layi Fatona, said Nigeria could harness its enormous energy resources to drive economic growth if government agencies, universities and private sector operators worked more closely.
He observed that policies alone would not transform the sector without adequate investment, innovation and effective implementation.
Fatona added that consistent execution of reforms would determine the long-term success of Nigeria’s energy industry.
Vice-Chancellor of the University of Ibadan, Professor Kayode Adebowale, said the country must urgently bridge the gap between policy formulation and implementation.
He reaffirmed the institution’s commitment to supporting national development through research, capacity building and evidence-based policy recommendations, particularly through the activities of CPEEL.
Earlier, the Managing Director and Chief Executive Officer of IESL, Mr. Bayo Ige, said the annual lecture series was established to deepen collaboration between academia and the energy industry.
He disclosed that the partnership between IESL and CPEEL has produced several innovative projects, including artificial intelligence-powered solar irrigation systems, smart electricity meters, hybrid biodigesters, solar-powered generators and agricultural robotics.
Ige also announced that construction of the Dr. Diran Fawibe CPEEL Research Centre is progressing steadily.
He called on indigenous energy companies and corporate organisations to invest more in research and development, noting that government alone cannot deliver Nigeria’s energy ambitions.
In his remarks, the honouree, Dr. Diran Fawibe, urged stakeholders to ensure that discussions at policy forums translate into measurable actions.
He said Nigeria requires consistent policies, stronger public-private collaboration, practical research and sustained industry commitment to achieve energy security and stimulate industrial and economic growth.