Energy As the Engine: Tinubu's Renewed Hope Agenda Puts Energy at the Heart of Economic Growth

By Mohammed Bello Doka

The Energy Commission of Nigeria (ECN) has reinforced the role of energy as a central component of President Bola Ahmed Tinubu's Renewed Hope Agenda, underlining its significance in driving Nigeria's economic development. This was highlighted by Dr. Mustapha Abdullahi, the Director-General of the ECN, during his presentation titled "Gazetting Nigeria's Energy Vision" at the Nigeria Energy Summit, which kicked off in Lagos on October 15.

Speaking at the summit, Dr. Abdullahi remarked, "As global energy transformation catalyses economic growth, Nigeria is pivotal. The intersection of energy access, innovation, and our dynamic, youthful population presents a unique opportunity to forge a path toward prosperity, inclusion, and global relevance." The three-day summit aims to discuss the nation's energy outlook and gather input from industry stakeholders.

Dr. Abdullahi elaborated on the strategic direction outlined in President Tinubu's agenda, emphasizing a comprehensive plan to broaden energy access while capitalizing on both renewable and non-renewable energy resources for sustainable economic development. He detailed the recently updated National Energy Policy (NEP) and National Energy Masterplan (NEMP), which serve as the foundation for this vision, focusing on the optimal use of Nigeria's vast energy resources.

Nigeria boasts considerable energy resources, including 37.2 billion barrels of crude oil, 2.734 billion tonnes of coal, 203.45 trillion cubic feet of natural gas, and significant renewable sources like 24,000 MW of large hydropower capacity and ample solar potential. The ECN's efforts to "gazette Nigeria's energy vision" are intended to formalize and legalize the nation's energy strategy, granting the NEP and NEMP legal authority to ensure their implementation and enhance policy credibility.

The policy's objectives include diversifying energy sources, boosting energy security, and reducing reliance on oil by fostering renewable energy development and regional cooperation. Dr. Abdullahi concluded by asserting that energy will be the engine propelling Nigeria's economic growth, positioning the country as a leader in the global energy transition.