Financial Energy Review
… identifies collaboration between GenCos, Transmission, DisCos as key to unlocking Nigeria’s power sector potential
Osayande Igiehon, Chief Executive Officer of Heirs Energies Ltd, emphasized the need for timely action in leveraging Nigeria’s gas resources to secure the country’s energy future and drive sustainable development.
He also emphasised that by fostering strong collaboration between upstream companies like Heirs Energies and power generation companies, Nigeria can create a seamless value chain that fully unlocks the potential of our natural resources for the prosperity of all Nigerians.
Igiehon made this known while speaking at the Nigeria Energy Leadership Summit on Thursday, October 17, 2024, during a plenary session themed “Powering Nigeria’s Future – Leveraging Gas-to-Power Solutions for Energy Security and Sustainable Development.”
According to him, gas-to-power solutions are not just an option; they are the mainstay of Nigeria’s energy future.
He added that the country is at a critical juncture—a moment where the decisions we make will shape our energy landscape for generations to come.
Heirs Energies Ltd CEO said, ” Although Nigeria faces persistent energy challenges, we are blessed with abundant natural gas resources.
The real question is not whether we have the means to power our nation, but how we can effectively harness these resources to guarantee energy security and foster sustainable development.”
“At Heirs Energies, we believe gas-to-power offers the most reliable bridge to a sustainable energy future. While pursuing renewable energy remains essential, the reality is that a stable baseload energy supply is critical—and natural gas provides exactly that.
” It offers a cleaner alternative to coal and diesel, helping us cut carbon emissions while stabilizing the national grid.”
“Economically, leveraging gas for power generation is imperative. It reduces our reliance on imported fuels, strengthens energy security, and fosters a vibrant domestic gas market.
“This will, in turn, create jobs, attract investments, and spur growth across the entire value chain.”
“Most importantly, gas-to-power has the potential to dramatically improve the lives of millions of Nigerians. Reliable electricity is not a luxury—it’s a fundamental driver of human development. It powers hospitals, schools, and businesses.
” It is the backbone of industrialization, innovation, and productivity. In essence, dependable energy supply is the foundation upon which we can build a more prosperous, equitable society,” Heir Energies CEO said.
Building on his remarks, Igiehon acknowledged the Nigerian government’s ambitious electricity sector targets for 2030—aiming to provide access to over 90% of the population, with renewable energy projected to account for more than 30% of generation.
He described these goals as challenging but achievable through collaboration and resource optimization, especially with Nigeria’s natural gas reserves.
“Achieving these targets requires more than just good intentions—it demands unified, decisive action from all stakeholders.
The Federal Government must provide a stable, transparent regulatory environment to encourage investments in gas production, infrastructure, power generation, transmission, distribution, and metering.
“The 2021 Petroleum Industry Act and the 2024 Presidential Directives are critical drivers for gas production and transportation, while the 2022 Power Sector Reform Bill opens the door for states, private organizations, and individuals to actively participate across the electricity value chain.”
“The private sector must also rise to the occasion by developing innovative solutions and providing capital for essential infrastructure—such as gas processing plants, pipelines, modern power stations, grid upgrades at national and subnational levels, and improvements in distribution networks and metering.
“As industry leaders, we need to collaborate like never before to scale rural electrification through distributed solar, mini-grids, and off-grid technologies. With the potential to unlock $9.2 billion annually in solar mini-grid investments, the opportunities are immense.
“However, the challenges are multifaceted—from inadequate infrastructure and regulatory bottlenecks to financing constraints. No single entity can overcome these on its own. Only a strong partnership between the public and private sectors will deliver the results we seek.”
Igiehon emphasized that Heirs Energies is committed to being a strategic supplier of gas to power plants and industries, playing a key role in ensuring Nigeria’s energy security.
“At Heirs Energies, our mission goes beyond delivering molecules. We are committed to meeting Africa’s energy needs in a way that is sustainable, responsible, and transformative.
” This means investing in advanced technologies to reduce flaring and minimize methane emissions. It also means working closely with communities to ensure that the benefits of energy development are shared equitably. And we will continue to innovate to maximize the value of our natural gas resources for the benefit of all Nigerians.”
“The path ahead will not be easy, but Nigeria has the talent, expertise, and determination required to overcome these obstacles.
Together, we can write a new chapter in the nation’s energy story—one where reliable, affordable, and cleaner energy drives economic growth and improves lives across the country.
Igiehon further stressed that Nigeria is entering a new chapter where it not only fulfills its domestic energy needs but also positions itself as a leading energy exporter across Africa and beyond.
