Sterling Bank Champions Collective Action to Accelerate Nigeria’s Renewable Energy Transition

Sterling Bank Champions Collective Action to Accelerate Nigeria’s Renewable Energy Transition

Lagos, Nigeria — Sterling Bank Limited has convened key stakeholders in Nigeria’s renewable energy ecosystem to chart practical pathways for accelerating the country’s energy transition and expanding access to sustainable power.

The high-level colloquium, held in Lagos on Monday, focused on identifying priority actions to boost energy access, stimulate economic growth, and support Nigeria’s ambition of building a one-trillion-dollar economy. The event was organised under the theme “Beyond the Grid: Unlocking New Frontiers in Renewable Energy.”

Speaking at the event, the Managing Director and Chief Executive Officer of Sterling Bank Limited, Mr. Abubakar Suleiman, said collective action and targeted policy interventions are critical to unlocking the full potential of renewable energy in Nigeria. Suleiman, who was represented by the Group Executive, Corporate and Investment Banking, Mr. Dele Faseemo, noted that the bank would pay closer attention to policy actions in key priority areas, particularly regulation and financing.

He explained that increased focus on these areas would help drive progress, expand energy access, and support sustainable economic development, describing energy as a fundamental enabler of national growth.

In his keynote address titled “Scaling Electrification in Nigeria: The REA Impact,” the Managing Director and Chief Executive Officer of the Rural Electrification Agency (REA), Dr. Abba Aliyu, outlined the agency’s vision, mandate, and achievements. He disclosed that Nigeria requires an estimated $26 billion to bridge its energy deficit, adding that the country’s energy transition represents a strategic shift towards universal, reliable, and sustainable electricity access.

According to Aliyu, the transition involves integrating grid, mini-grid, and off-grid solutions while aligning energy expansion with national development objectives and climate commitments. He was represented by Mr. Abba Hayatudden, Senior Adviser to the REA Managing Director, who said the agency is expanding and optimising multiple channels to accelerate renewable energy adoption across the country. These efforts, he said, include value chain development, regulatory enhancement, funding windows, alternative energy resources, and technical standardisation.

The Minister of Power, Mr. Adebayo Adelabu, commended Sterling Bank for initiating the dialogue, noting that renewable energy and rural electrification remain central to the Federal Government’s Renewed Hope Agenda. Represented by Engineer Samuel Ayangeaor, the minister said the Federal Ministry of Power continues to expand electricity access to underserved communities in order to drive economic growth, boost industrial activity, and create jobs nationwide.

In a goodwill message, the Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, said the state government is implementing what he described as the most ambitious energy transformation in its history. He highlighted Lagos State’s renewable energy and sustainability initiatives, including the two-gigawatt grid-scale solar power project.

Also speaking, the Chief Executive Officer of Sterling One Foundation, Mrs. Olapeju Ibekwe, stressed the importance of moving beyond discussions to concrete action. She urged participants to leverage their networks, act with clear intent, and remain committed to delivering measurable and lasting impact in the renewable energy sector.

The colloquium featured panel sessions on financing and scaling green energy solutions in Africa, among other discussions aimed at driving collaboration and investment in the sector.

Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With over six decades of banking heritage, the institution has evolved from a leading investment bank into a trusted provider of retail, commercial, and corporate banking services. The bank is committed to transforming lives through innovative solutions, guided by its HEART strategy, which focuses on Health, Education, Agriculture, Renewable Energy, and Transportation.