Special Advisor to the Nigerian President on the National Economic Council and Climate Change, Rukaiya El-Rufai, says the global energy transition is unstoppable.
Speaking in a keynote address at the Future of Energy Conference in Accra, she cited International Energy Agency data showing global energy demand grew by 2.2 percent in 2024, driven mainly by a 4.3 percent rise in electricity demand. She added that for the first time, oil’s share in global energy consumption has fallen below 80 and 30 percent respectively, while renewable sources and nuclear power accounted for most of the growth.
Madam El-Rufai highlighted solar photovoltaic as the main driver, contributing nearly 80 percent of renewable energy expansion. She, however, lamented that Africa still remains the energy poverty capital of the world. According to her, weak regulatory frameworks and poor transparency across the continent have resulted in expensive power agreements and inflated risk pricing.