Transcorp President and Group Chief Executive Officer, Dr. Owen Omogiafo, has called for immediate and decisive efforts to expand Africa’s energy supply, stressing that affordable and reliable power is essential for the continent’s economic growth and inclusion in the global sustainability agenda.
Speaking at the 9th Future Investment Initiative (FII9) in Riyadh during a high-level plenary session titled “Board of Changemakers: The Energy Trilemma,” Dr. Omogiafo highlighted Africa’s critical energy deficit and its impact on industrialisation, migration, and human development.
She pointed out that while global conversations are dominated by the energy transition and clean technology innovations, Africa’s most urgent need remains expanding access and affordability. “It’s not just about transitioning — it’s about ensuring access to energy for all,” she emphasized.
Dr. Omogiafo revealed that 70 to 80 percent of the world’s unelectrified population lives in Africa, describing the situation as a major barrier to inclusive development. She added that lack of energy access continues to push people to migrate, not out of choice, but necessity.
On affordability, she noted that renewable energy sources are still not cost-competitive in Nigeria, except for hydropower, which contributes only about 12 percent to the national grid. The rest of the country’s supply, she said, comes primarily from fossil fuel and gas-fired plants.
She urged African governments and private investors to adopt a balanced, inclusive energy strategy that integrates on-grid, off-grid, and mini-grid solutions to speed up electrification and foster economic resilience.
“Africa has the world’s youngest population — we must ensure they are part of energy solutions, with industrialisation at the centre of our agenda,” she stated.
Dr. Omogiafo’s remarks came amid a global dialogue among energy leaders from Europe, the U.S., the Middle East, and Asia, who discussed balancing energy security with sustainability in the era of artificial intelligence.
Her advocacy at the prestigious forum underscores Transcorp Plc’s leadership in advancing Africa’s energy transformation and its continued commitment to “Improving Lives and Transforming Africa” through strategic, sustainable investments in power and infrastructure.