Over 140m Nigerians lack full access to energy, says Heirs Energies CEO

Osayande Igiehon, the chief executive officer (CEO) of Heirs Energies, says over 140 million Nigerians lack full access to energy.

Speaking at the 2024 Nigeria Energy Summit in Lagos on Friday, Igiehon cited the International Energy Agency (IEA) report, adding that the figure represents about 71 percent of the country’s population.

He stressed the urgent need to leverage Nigeria’s abundant natural resources to ensure energy security and drive sustainable development, highlighting gas-to-power solutions as critical to Nigeria’s energy future.

“Gas-to-power solutions are not merely an option; they are the cornerstone of Nigeria’s energy future,” Igiehon said.

“These solutions have the potential to dramatically improve on the lives of millions and serve as the foundation for industrialisation, innovation, and productivity.”

He said reliable electricity is no longer a luxury but a fundamental necessity for development, powering essential sectors such as hospitals, schools, and businesses.

Igiehon noted that the Nigerian government has set ambitious targets to provide electricity access to over 90 percent of the population by 2030.

While acknowledging that the goal is challenging, he affirmed that it is achievable if Nigeria harnesses its natural gas reserves effectively.

“Realising this potential requires more than just good intentions; it demands concerted action from all stakeholders,” he said.

“The government must establish a stable and transparent regulatory environment to encourage investment in gas production, infrastructure and power generation.”

Also, the CEO said the 2021 Petroleum Industry Act and the 2024 presidential directives for the oil and gas industry are critical drivers for gas production and transportation.

He urged the private sector to step up, bringing innovative solutions and capital to improve infrastructure for gas processing, pipelines, and power plants.

Igiehon referenced estimates from the Rural Electrification Agency of Nigeria, suggesting that scaling rural energy solutions through distributed solar generation, mini-grids, and off-grid technologies could generate over $9 billion annually.

“We, as industry leaders, must collaborate more than ever,” he added.

“The challenges we face are complex and require effective collaboration between the public and private sectors to achieve our objectives.”

Igiehon reaffirmed Hiers Energies’ commitment to being a strategic supplier of gas to key industries and power plants across Nigeria.