KEY POINTS
- Africa holds up to 80 percent of people without electricity.
- Transcorp’s Owen Omogiafo calls for pragmatic energy expansion.
- Affordable power is key to sustainable industrialisation in Africa.
The President and Group Chief Executive Officer of Transnational Corporation Plc, Dr Owen Omogiafo, has urged African governments and investors to accelerate energy access across the continent, warning that limited power supply remains a major obstacle to economic development and inclusion.
She made this appeal at the ninth edition of the Future Investment Initiative (FII) in Riyadh, Saudi Arabia, where she joined global energy leaders from Europe, the United States, the Middle East, and Asia on a panel titled “Board of Changemakers: The Energy Trilemma.”
Africa energy access remains a pressing gap
Omogiafo, who leads the Nigerian conglomerate with interests in power, hospitality, and energy, said the debate should focus less on transition rhetoric and more on closing the continent’s vast energy gap. “What we are looking at is not so much about whether we are transitioning. It is about creating greater access to energy for all,” she said.
She pointed out that Africa bears the heaviest burden of global energy poverty. “About 70 to 80 percent of people without access to electricity are in Africa,” she said. “The world talks about migration, but many people leave their countries not because they dislike their homes but because they lack opportunity. Energy access is central to that opportunity.”
According to Punch, Omogiafo noted that affordability remains a key concern. “The numbers we run in Nigeria show that renewable energy is not cheaper for us. The only renewable that costs less today is hydro, largely because the infrastructure was built long ago,” she explained. “Only about 12 percent of Nigeria’s grid power comes from hydro, while the rest depends on fossil and gas-fired plants.”
Pragmatic solutions for Africa energy access
Reflecting on the panel discussion, Omogiafo said Africa’s energy future must be approached pragmatically, balancing access and sustainability. “It is not either-or. We must expand access by using a mix of grid, off-grid, and mini-grid solutions,” she said. “Africa, with its large young population, must be part of the global energy solution, with industrialisation at the centre of the strategy.”
She added that affordable power today will determine the continent’s ability to build sustainable energy systems for tomorrow. Her remarks reinforced Transcorp’s commitment to supporting Africa energy access and driving the continent’s transformation through inclusive and sustainable investment.
