By Ireti Asemota.
Dr. Owen Omogiafo, President and Group CEO of Transcorp, has urged swift action to increase energy access across Africa, stressing that the continent must urgently expand its energy supply to drive economic growth and promote inclusion.
Omogiafo made these remarks at the ninth edition of the Future Investment Initiative in Riyadh, Saudi Arabia, during a panel discussion titled “Board of Changemakers: The Energy Trilemma,” where she joined leading energy experts from Europe, the U.S., the Middle East, and Asia.
As the head of Transnational Corporation Plc, an indigenous conglomerate with investments across power, hospitality, and energy, Omogiafo shared her insights on Africa’s energy challenges.
“As a Nigerian, my company is committed to driving energy transformation,” Omogiafo explained. “Our focus isn’t just on transitioning energy sources; it’s about creating broader, more inclusive access to energy. The gap is vast, and we must remain mindful of this challenge in global energy conversations.”
She highlighted Africa’s critical energy deficiency, pointing out that the continent shoulders a disproportionate share of global energy poverty. “Approximately 70-80% of the world’s population without access to electricity lives in Africa. This is a serious issue. Today, much of the world focuses on migration, but those who migrate aren’t leaving because they hate their homes or families—they’re driven by the lack of opportunity.”
Omogiafo also discussed the affordability challenges in the energy sector, particularly in Nigeria. “In Nigeria, renewable energy isn’t always cheaper. The only renewable source that is currently more affordable is hydro power, and that’s because the infrastructure was built long ago. Hydro only contributes about 12% of the energy on the grid, while the rest comes from fossil-fuel, gas-fired plants.”
Reflecting on the panel discussion, Omogiafo emphasized that Africa requires a pragmatic approach to energy development. “It’s not an either-or situation. Africa needs to expand energy access through a mix of solutions, including off-grid and mini-grid systems. With Africa’s young population being the largest in the world, we must ensure they are included in energy solutions, with industrialization at the core. We must secure affordable energy now to support the development of sustainable systems in the future.”
Omogiafo’s comments at the Future Investment Initiative reaffirm Transcorp Plc’s role as a key advocate for Africa’s energy transformation and its Dedication to Empowering Lives and Accelerating Africa’s Development through Strategic, Long-Term Investments.
