CPEEL Stakeholders Call for Energy Market Reforms in Nigeria

At the 3rd annual lecture organized by the Centre for Petroleum, Energy Economics and Law (CPEEL) in Ibadan, stakeholders identified tariff and subsidy reforms as critical to enhancing Nigeria's energy market competitiveness. The event, honoring Prof.

Akinbolaji Iwayemi on his 80th birthday, featured discussions on how current pricing structures distort investment and service delivery, making the energy sector unsustainable. Prof.

Olugbenga Falod, Director of CPEEL, stressed that without bold policy adjustments, Nigeria cannot achieve energy security. Mr.

Eleanor Aderalegb, Chief Financial Officer of Seplat Energy PLC, highlighted that Nigeria's electricity demand currently outstrips supply five times and projected it to increase twelve times by 2030. He praised the current administration's efforts to boost gas production, which is expected to stabilize energy supply.

Dr. Ibrahim Adebisi Tajudeen from NERC noted that 70% of Nigeria's power generation relies on gas, emphasizing the importance of increasing gas production for stable power supply.