Barth Nnaji, former minister of power has made a strong case for Nigeria to aggressively pursue investments in its natural gas sector and reinstate previously suspended Power Purchase Agreements (PPAs) in a compelling address at the 2025 Bullion Lecture.
Delivering a lecture titled “Architecting the Energy Sector for Nigeria’s $1 Trillion Economy Vision,” Nnaji emphasised that these actions are crucial for the nation to achieve its ambitious goal of a $1 trillion economy.
Nnaji, who also serves as the Chief Executive Officer of Geometric Power Group, highlighted Nigeria’s vast natural gas reserves, ranking ninth globally, and the paradox of the nation’s struggle to adequately power its 24 gas-fired power plants.
He highlighted the paradox of Nigeria struggling to harness its gas reserves domestically while over 80 million citizens lack electricity access. “While efforts to export gas to Europe are commendable, domestic need must come first—because charity begins at home.”
Nnaji criticised the suspension of Partial Risk Guarantees (PRGs) for power projects, a policy he claims has deterred private investment in the sector for years. “No investors will build any plant without at least a PRG,” he said.
He stressed that Nigeria’s energy future, and therefore its economic future, heavily relies on the proper utilisation of its gas resources.
He criticised the suspension of Partial Risk Guarantees (PRGs) for power projects, a policy he claims has deterred private investment in the sector for years.
“No investors will build any plant without at least a PRG,” he said.
In her remarks, Tolulope Longe, National President of Women in Energy, Oil and Gas, underlined the need for a more realistic, grounded and inclusive approach to energy planning.
“Nigeria cannot build a $1 trillion economy on a $4 per day energy supply,” she said. “We cannot industrialise on eclectic power, nor can we digitise on diesel generators.”
She called for aggressive infrastructure modernisation through mini-grids, embedded generation, and hybrid solutions that target underserved communities. “The grid of the future must be smart, scalable and sovereign—not a colonial relic,” she said.
Longe described Nigeria’s natural gas reserves as a sleeping giant and challenged the government to convert the ongoing “decade of gas” into measurable outcomes.
“Five years is still a long time to change the narrative, only if we move from slogans to pipelines,” she said. She also urged policymakers to harmonise energy policies, streamline regulations, and eliminate bureaucratic red tape that hinders capital inflow. “Bureaucracy cannot be the bottleneck to our billion-dollar deals. Investors want clarity, consistency, and commitment,” she added.
On inclusivity, she advocated for a stronger role for women and youth in shaping Nigeria’s future energy. “They are co-architects of this new energy future. Whether clean energy entrepreneurs, engineers or innovators, we must democratise access to opportunities,” she said, warning that a just transition must be tailored to Nigeria’s own social and economic context.
Meanwhile, Ernest Ebi, Chairman of the Centre for Financial Journalism, said that the Bullion Lecture has a track record of influencing national policy, citing previous editions that preceded the creation of the Ministry of Marine and Blue Economy and Nigeria’s accession to the AfCFTA.
“Without a reliable, resilient, and inclusive energy architecture, the vision of a $1 trillion economy will remain a delusion,” he said.
Ebi encouraged robust dialogue and collective ownership of Nigeria’s energy agenda. “What we build, or fail to build today will define Nigeria’s place in the global economy tomorrow,” he said. (BusinessDay)
