By Aduragbemi Omiyale
The urgent need for decentralised energy solutions in Africa as well as a diversified and sustainable energy portfolio has been emphasised at the Nigeria South Africa Chamber of Commerce September Breakfast Session of Stanbic IBTC held in Lagos.
At the event, it was disclosed that only 60 per cent of Africa’s population of approximately 220 million in 2023 had access to electricity, highlighting a pronounced urban-rural divide.
It was revealed that the electricity generation capacity of 12.5GW starkly contrasts with the mere 5.1GW effectively available, pinpointing a critical gap due to infrastructural inefficiencies, with 81 per cent of the continent’s energy coming from oil and gas, while 19 per cent is from renewables.
The discussions at the breakfast session also highlighted the acute electricity and clean cooking facilities shortage, affecting over 500 million and 1 billion Africans, respectively.
The renewable energy sector emerges as a promising avenue for substantial job creation, with projections indicating the potential to generate over 4 million jobs by 2030.
Attendees placed a significant focus on the essential role of financing in realising the vision of universal energy access.
At the programme, the chief executive of Stanbic IBTC Bank, Mr Wole Adeniyi, highlighted the importance of collaboration between Nigeria and South Africa in achieving sustainable economic growth and development.
He emphasised the role of the financial sector in supporting cross-border investments and facilitating business transactions that are crucial for Africa’s economic integration.
“This is a significant step towards a future where Nigeria and South Africa leverage their collective strengths for the betterment of our continent.
“By joining forces, we position ourselves to address challenges with greater efficacy and to tap into the boundless opportunities that Africa holds; aiming for the prosperity of our populations.
“This collaborative spirit is not just about overcoming hurdles; it is about rewriting the narrative of our continent to highlight success, innovation, and sustainable growth,” he remarked.
He expressed the commitment of the company to delivering state-of-the-art financial solutions tailored to nurture the growth and triumph of businesses within both countries.
“Our mission extends beyond mere financial transactions; it is about building bridges between markets, fostering economic integration, and laying the groundwork for a future where the African continent can realise its full potential through unity and shared vision,” he said.