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INTRODUCTION
NBA SECTION ON BUSINESS LAW’S PANEL ON POWER AND ENERGY. Nigeria, faces a significant power deficit that hampers its growth and development. Despite being rich in energy resources, Nigeria struggles with a reliable and sufficient electricity supply, affecting industries, businesses, and means of livelihood. The emergence of renewable energy is being viewed as a potential solution to bridge the power gap and drive sustainable development. The potential and challenges of renewable energy and energy mixes were discussed by a distinguished panel of experts at the Nigerian Bar Association’s Section on Business Law.

On the 28th day of June, 2024 at the 18th Annual International Business Law Conference, industry leaders convened to discuss the prospects and barriers of renewable energy as a solution to the prevalent power deficit in Nigeria. The panel titled “Tackling the Power Deficit: Is Renewable Energy the Solution?” featured prominent experts who shared their insights on the sustainability of the evolving field of renewable energy and energy mix.

The panel was moderated by Ms Dolapo Kukoyi, a leading practitioner in Energy, Infrastructure and Power Practice. The esteemed panelists included:

1. Mr Dafe Akpenenye, Commissioner, Nigerian Electricity Regulatory Commission

2. Mr. Seyi Bioku, Legal Manager, Sahara Energy
3. Ms Ozim Ifeoma Ibeziako, Executive General Counsel Africa, GE Vernova
4. Ms Ozioma Agu, Partner, Stren and Blan Partners
5.Mr. Abba Aliyu, MD/CEO, Rural Electrification Agency of Nigeria

KEY POINTS FROM THE DISCOURSE
Is There a Need for Energy Mix in Nigeria?
Commencing the discussion, panelists considered the concept of energy mix. Energy mix was described as the utilization of the primary sources of energy used to meet the energy needs of a particular region, country, or the world. It includes all forms of energy production and consumption, encompassing both renewable and non-renewable sources.

In answering the question of whether this energy mix was needed in Nigeria, Mr Seyi Bioku stated “As much as we champion for cleaner sources of energy we have to optimize what we already have. We need to ask ourselves if we have adequately utilized our current Power infrastructure to optimum?”

On the question asked, the discourse ended with the conclusion that Nigeria needs to adopt the energy-mix approach as it is not only necessary for the enhancement of energy security and reliability but is also crucial for economic development, environmental sustainability, and improving access to electricity.

Considering the potentials and barriers in accelerating the diversity of energy-mix.
Panelists stated that there are prevailing issues hampering the optimization of the current energy supply in Nigeria. To successfully transition towards more sustainable sources of energy, recourse must be had to the existing resources.

Considering Reports by the International Energy Agency which state that approximately 71% of Nigeria's population lack access to energy, panelists agreed that the drive towards renewable energy is not only strategic but could also not have been made at a better time. However, the government must ensure that access to existing energy resources and diversification of energy must co-exist to ensure that no region remains marginalized. This is particularly important as we must first deal with current issues before looking ahead as anything contrary would amount to us placing the Cart before the horse.

Ms Ozioma Agu specifically stated that “We have a large percentage of Nigerians who do not have access to resources. We need to focus on what the issues are- why do we not have enough power?”

The panelists went on to highlight the prevailing challenges in Nigeria’s energy sector. The challenges include:
1. Insufficient power generation.
2. Inadequate infrastructure.
3. High level of energy poverty.
4. Lack of energy-storing facilities.
5. Decentralised power reforms.
6. Licensing.
7. Clear cut and consistent policies.

Panelists proposed that while the Nigerian government strives to diversify energy sources through investment in renewable energy and energy-efficient sources, efforts should continually be channeled towards the improvement of the country’s existing energy infrastructure, addressing challenges and continuously driving private sector investments.

Mr Dafe Akpenenye said this “We are not transitioning, we are still building. To build, there are fundamentals to put in place. Regardless of the source, Power is capital intensive”.

Requirements for decentralized power reforms in Nigeria: Policy Changes and Regulatory reforms.
Decentralized power reforms in Nigeria are crucial for addressing the nation’s energy challenges and improving access to electricity, especially in remote and undeveloped areas. To achieve effective decentralized power systems, there must be policy changes and regulatory reforms. The following are some key recommendations made by the panelists:

1. A One-stop center for licensing power projects in Nigeria: Panelists suggested that the establishment of a centralized agency or platform that streamlines all the processes, approvals, and permits needed for power project development could significantly reduce bureaucratic delays, lower costs, and encourage investment.
2. Encouragement and emphasis on collaboration between local partners and foreigners. This can be achieved through consistent local content policies.

CONCLUSION
Renewable energy holds significant promise for addressing Nigeria’s power deficit and driving sustainable development. However, whilst this drive towards renewable energy is commendable, it is important to remian aware of current realities. As had been stated, Nigeria is not in the process of a transition but is rather building an alternative and complementary sector to the existing structure and must therefore get these fundamentals right. The implementation of these recommendations may allow Nigeria to build a robust and sustainable energy space.


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