Sterling Bank Rallies Power Sector Leaders for Nigeria’s $1tn Renewable Energy Push

Sterling Bank Limited has brought together key stakeholders in Nigeria’s renewable energy ecosystem to chart practical pathways for expanding energy access and driving economic growth, as the country intensifies efforts to attain a one trillion-dollar economy.

The high-level colloquium, held in Lagos on Monday, was themed “Beyond the Grid: Unlocking New Frontiers in Renewable Energy” and focused on identifying priority policy and financing actions required to scale clean energy solutions across Nigeria.

Speaking at the event, the Managing Director and Chief Executive Officer of Sterling Bank, Mr. Abubakar Suleiman, said the bank is sharpening its strategic focus on renewable energy as a critical enabler of inclusive growth. Represented by Mr. Dele Faseemo, Group Executive, Corporate & Investment Banking, Suleiman noted that Sterling Bank would pay closer attention to regulatory reforms and innovative financing models capable of accelerating progress in the sector.

According to him, reliable energy access remains fundamental to economic development, productivity and job creation, stressing that targeted interventions in policy and capital deployment can significantly expand electricity access nationwide.

In his keynote address titled “Scaling Electrification in Nigeria: The REA Impact,” the Managing Director and CEO of the Rural Electrification Agency (REA), Dr. Abba Aliyu, disclosed that Nigeria requires an estimated $26 billion to bridge its energy deficit. Represented by Mr. Abba Hayatudden, Senior Adviser to the MD, Aliyu explained that Nigeria’s energy transition is built on integrating grid, mini-grid and off-grid technologies in alignment with national development and climate goals.

He added that the REA is expanding and optimising multiple channels to fast-track renewable energy adoption, including value chain development, regulatory enhancement, funding windows, alternative energy resources and technical standardisation.

The Minister of Power, Mr. Adebayo Adelabu, commended Sterling Bank for convening 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 Ministry of Power continues to prioritise electricity access for underserved communities to stimulate industrial growth, create jobs and boost economic activities.

At the sub-national level, Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, said the current administration is implementing the most ambitious energy transformation in the state’s history. He highlighted ongoing sustainability initiatives, including plans for a two-gigawatt Lagos grid-scale solar project, as part of efforts to strengthen energy security and reduce carbon emissions.

In her goodwill message, Mrs. Olapeju Ibekwe, Chief Executive Officer of Sterling One Foundation, stressed the importance of collective action, urging stakeholders to move beyond discussions and ensure the outcomes of the colloquium translate into measurable impact.

The event featured two panel sessions focused on financing green energy solutions and scaling renewable energy across Africa, reinforcing the role of public-private collaboration in achieving universal, sustainable electricity access.

Sterling Bank Limited is a full-service national commercial bank and a member of Sterling Financial Holdings Group. With over six decades of experience, the bank operates across retail, commercial and corporate banking, and remains committed to purpose-driven growth through its HEART strategy, which prioritises Health, Education, Agriculture, Renewable Energy and Transportation.

Sterling Bank hosts renewable energy colloquium in Lagos, rallying government and industry leaders to scale clean energy, expand electricity access and support Nigeria’s $1 trillion economy ambition.