The Centre for Petroleum, Energy Economics and Law (CPEEL), University of Ibadan, alongside key energy stakeholders, has identified tariff and subsidy reforms as critical drivers for Nigeria’s transition to a competitive energy market.

Speaking at CPEEL’s 3rd Annual Personality Lecture in honour of Prof. Akinbolaji Iwayemi, Nigeria’s foremost professor of energy economics, on his 80th birthday on Wednesday in Ibadan, the stakeholders said current pricing distortions and decades of subsidy dependence have stifled investment, weakened service delivery, and made the sector unsustainable.

According to CPEEL and industry players at the event, reforming electricity and petroleum tariffs while phasing out blanket subsidies will attract private capital, improve efficiency, and ultimately lower costs for consumers in the long term.

They argued that without bold policy adjustments, Nigeria cannot achieve energy security or compete favourably in the regional and global energy space, stressing that a well-regulated market is the only path to reliable and affordable power.

The Director of CPEEL, University of Ibadan, Prof. Olugbenga Falode, said Nigeria’s energy transition demands innovative thinking, interdisciplinary collaboration, and courageous policy choices.

According to him, the transition requires engineers, economists, lawyers, environmental scientists, policymakers, and industry practitioners working together toward a common vision. That philosophy, he said, lies at the very heart of the Centre for Petroleum, Energy Economics, and Law.

“CPEEL was established to provide a platform for cutting-edge interdisciplinary research, informed public policy, executive education, and strategic partnerships that advance sustainable energy development in Nigeria and beyond,” he said.

Falode added that the theme of the lecture, “Nigeria’s Transition to Competitive Energy Markets: Lessons From Reform and the Road Ahead,” was aimed at reflecting on Nigeria’s achievements, learning from challenges, and charting practical pathways toward a more resilient, efficient, and sustainable energy future.

“Nigeria stands at a defining moment in its energy history, with a population now exceeding 240 million people and over 200 trillion cubic feet of proven natural gas reserves.

“We have abundant renewable energy resources, and we are one of Africa’s richest economies. So our nation possesses extraordinary energy potential.

“Yet, millions of Nigerians still lack reliable electricity. Industries continue to grapple with high energy costs. And energy poverty remains a significant obstacle to economic growth and national development,” he said.

He noted that Prof. Iwayemi has continued to exemplify academic excellence, humility, and an unwavering commitment to science.

“We are celebrating not merely a milestone in years, but a lifetime of scholarship, a lifetime of mentorship, a lifetime of leadership, and a lifetime of service, not just to Nigeria, but also to the global academic community,” he said.

The Chairman of the occasion, Emeritus Professor Uche Isiugo-Abanihe, in his remarks, commended CPEEL for bringing together energy economists, engineers, and other professionals to chart a way forward on Nigeria’s energy transition, and for organizing a personality lecture in honour of Prof. Iwayemi to celebrate excellence in his life.

He noted that CPEEL has made tremendous contributions and progress in solving the energy problems bedeviling the country through policy formulation and meaningful discussions.

The Keynote Speaker at the event, Mrs. Eleanor Aderalegbe, Chief Financial Officer of Seplat Energy Plc, noted that Nigeria should not be having issues with electricity supply given its abundant gas resources.

She said Nigeria’s current electricity demand outstrips supply by five times, while the projected demand for 2030 is twelve times the current supply.

She, however, lauded the current administration’s proactive move to increase gas production, which she said has been yielding gradual results in energy production, stability in foreign exchange, and inflation control.

Similarly, Dr. Ibrahim Adebisi Tajudeen, an Energy Economist and Regulatory Professional at the Nigerian Electricity Regulatory Commission, NERC, said that about 70% of Nigeria’s power generation depends on gas.

He noted that the current developments in the oil and gas industry in the country, which have led to an increase in gas production, should translate to stable power supply.

He added that the price of gas to the power sector in Nigeria remains highly subsidized compared to the international price. He, however, noted that the liquidity challenge in the sector has been depriving investors of returns on their money, thereby undermining government efforts.

He urged the government to look into the pricing challenges so as to come up with a sustainable tariff that would guarantee investment recovery. He added that the government must also encourage green energy production by supporting investors in renewable energy.

In his response, Prof. Iwayemi commended CPEEL for organizing the event to honour him while he is still alive. He appreciated CPEEL, sponsors, and friends for sustaining the annual personality lecture for three consecutive years, noting that discussions from the lecture have served as policy guidelines for national development.

The event also featured panel sessions, a health talk on cancer screening and treatment, gift presentations, lectures, and networking, among others.

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