Aret Adams Memorial Lecture: Experts Urge Africa to Unlock $4tn Domestic Capital for Energy Transformation
Africa must look inward and strategically deploy its vast domestic capital to resolve its deepening energy crisis and unlock economic growth, speakers declared at the 23rd Aret Adams Memorial Lecture held in Lagos.
The annual lecture, held in honour of Aret Adams—the pioneer Group Managing Director of the Nigerian National Petroleum Corporation (NNPC)—brought together industry leaders, economists and policymakers to reflect on energy financing and long-term economic transformation.
Energy Bank as Catalyst for Growth
Delivering the keynote address, Managing Director/Chief Executive Officer of Financial Derivatives Company Limited, Bismarck Rewane, described the proposed Africa Energy Bank as a “tectonic shift” capable of repositioning the continent’s energy future.
According to him, Africa possesses nearly $4 trillion in domestic capital but lacks coordinated and strategic deployment. He stressed that aligning policy frameworks with domestic resource mobilisation would enable the continent to finance its energy ambitions independently.
Rewane referenced remarks by the Minister of State for Petroleum (Oil), Heineken Lokpobiri, who had described the Africa Energy Bank as a viable solution to the continent’s energy financing constraints. He noted that Africa must maximise value from its hydrocarbon resources, promote gas as a transition fuel and expand indigenous participation to reduce energy poverty.
Energy Crisis and Economic Revolution
The economist warned that global revolutions—industrial, technological and digital—have historically driven exponential GDP growth and energy demand. However, he cautioned that widening inequality between rich and poor nations often fuels insecurity and social instability.
“We must have the resources to sustain economic revolutions. Energy demand continues to rise, and without adequate power, development will stall,” he said.
Rewane observed that although Africa ranks high globally in crude oil reserves and holds significant coal, gas, solar, wind and hydro resources, energy utilisation remains weak. He cited Nigeria as one of the lowest per capita energy consumers globally, despite its ambition to become a $1 trillion economy.
While the World Bank Group has committed billions of dollars toward improving electricity access in Sub-Saharan Africa, he maintained that producing energy alone is insufficient—efficient management and utilisation are equally critical.
Governance and Institutional Efficiency
He warned that without transparent and disciplined management, the Africa Energy Bank could fall short of expectations. Comparing Nigeria’s performance with other OPEC nations, Rewane noted that efficient resource management has enabled some countries to build strong sovereign wealth funds, while Nigeria continues to lag.
He questioned the long-term impact of NNPC over the past four to five decades, citing declining oil production levels compared to the peak years during Adams’ era.
On the global energy mix, he highlighted oil, coal and natural gas as dominant sources, while renewable energy continues to gain ground due to declining costs.
Pathway to the Future
Projecting forward, Rewane emphasised the need for:
A balanced energy mix of gas, solar, wind and hydro
Regional power interconnectivity
Improved transmission infrastructure
Strategic long-term planning
He argued that resolving Nigeria’s energy constraints could significantly accelerate GDP growth and economic diversification.
Celebrating Aret Adams’ Legacy
The lecture also paid tribute to the enduring legacy of Aret Adams, remembered for technical excellence and visionary leadership.
Vice Chairman of the Aret Adams Foundation Board of Trustees, Dr. Layi Fatona, described Adams as a man who stood for excellence at the highest technical and managerial levels. He recalled the late oil industry icon’s pioneering role in opening Nigeria’s frontier basins and strengthening indigenous capacity in exploration and production.
Fatona also acknowledged the stabilising leadership of Ogbueshi Ben Osuno, who chaired the board for over a decade, as well as the chairman of the occasion, Dr. Femi Lalude, former Managing Director of Shell Nigeria Exploration and Production Company (SNEPCo), noting that their contributions reflect the institutional values Adams champion
