Africa must scale up its energy supply quickly – Transcorp’s Omogiafo

Owen Omogiafo, President/Group Chief Executive Officer of Transcorp, has called for urgent action to expand Africa’s energy supply, stressing that access to energy is fundamental to the continent’s economic growth and participation in the global sustainability drive.

Speaking at the 9th Edition of the Future Investment Initiative (FII9) in Riyadh, Saudi Arabia, during a high-level plenary session titled “Board of changemakers: The energy trilemma,” Omogiafo said that while global conversations focus on energy transition, Africa’s priority must remain access and affordability.

“What we are looking at is not so much whether we are transitioning; it is about creating greater access to energy for all. The gap is huge, and we all need to be conscious of it in energy conversations,” she said.

Omogiafo noted that 70 to 80 per cent of people without electricity globally live in Africa, describing this as a pressing development challenge that fuels migration and hampers industrialisation.

“People who are migrating are not doing so because they hate their homes or families, but because they feel they have to,” she explained.

Addressing affordability concerns, the Transcorp chief observed that renewable energy is not yet cheaper in Nigeria, except for hydro sources, which account for only 12 per cent of national grid supply. The remainder, she said, comes mainly from fossil and gas-fired power plants.

She called for a pragmatic and inclusive energy strategy for Africa that leverages both on-grid and off-grid technologies, including mini-grid solutions, to accelerate access and support the continent’s growing youth population.

“It is not either-or; we need to expand access by leveraging technologies to ensure that the continent with the largest youth population in the world is included in energy solutions, with industrialisation at the core,” she said.

Omogiafo’s remarks came as global energy leaders from Europe, the United States, the Middle East and Asia discussed maintaining energy security amid the accelerating AI revolution and the transition to a sustainable energy future.

Her advocacy at the global forum underscores Transcorp Plc’s leadership in Africa’s energy transformation and its steadfast commitment to Improving lives and transforming Africa through strategic, sustainable investments.