Sterling Bank Champions Collective Action To Accelerate Nigeria’s Renewable Energy Transition

Sterling Bank Limited has brought together stakeholders in the renewable energy industry to explore ways to accelerate action in the sector. 

The premier colloquium, held in Lagos on Monday, aimed to identify priority areas for action to increase energy access and drive economic growth in the quest to attain a one trillion-dollar economy.

Managing Director and CEO of Sterling Bank Limited, Mr. Abubakar Suleiman, gave the charge in his address at the colloquium organized with the theme: Beyond The Grid; Unlocking New Frontiers in Renewable Energy.

The CEO, who was represented by Dele Faseemo, Group Executive, Corporate & Investment Banking, explained that Sterling Bank will be paying closer attention to policy actions in two or three key priority areas, especially regulation and financing.

He noted that by focusing on these areas, the Bank can do more to drive progress and expand access to energy, which he described as essential for supporting economic growth and overall development.

In a keynote address titled Scaling Electrification in Nigeria, The REA Impact, Managing Director and CEO of The Rural Electrification Agency (REA), Dr. Abba Aliyu, spoke on the vision, mission and mandate of the agency.

He noted that Nigeria requires about $26 billion to address its energy deficit.

He said the energy transition in Nigeria is a strategic shift towards achieving universal, reliable and sustainable energy access by integrating the grid, mini-grid and off grid technologies while aligning with national development and climate goals.

The CEO who was represented by Mr. Abba Hayatudden, Senior Advisor to the MD, said “REA is strategically expanding and optimizing channels to accelerate the adoption and sustainable growth of renewable energy acrossthe country in the areas of value chain development, regulation enhancement, funding windows, alternative resources and technical standardization.”

Minister of Power, Adebayo Adelabu, commended Sterling Bank for convening the conversation on renewable energy.

He stated that the Federal Government has placed renewable energy and rural electrification at the heart of the Renewed Hope Agenda.

The minister who was represented by Engineer Samuel Ayangeaor said, “The Federal Ministry of Power has continued to expand electricity access to underserved communities in a bid to drive economic growth, foster industrial activity and create jobs across the nation.”

In his goodwill message, Mr. Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, noted that the current administration is implementing the most ambitious energy transformation ever undertaken.

He highlighted the state’s efforts in renewable energy and sustainability, including the two-gigawatt Lagos grid scale solar project.

The CEO of Sterling One Foundation, Mrs. Olapeju Ibekwe, emphasized the need for collective action.

She urged participants not to allow the day’s deliberations to end as mere conversations or points documented in a communiqué.

Instead, she encouraged everyone to leverage the strength of their networks, act with intention, and remain focused on delivering meaningful impact.

The colloquium featured two panel sessions on financing and scaling green energy solutions in Africa, among others.