Dr. Owen Omogiafo, President and Group Chief Executive Officer of Transnational Corporation Plc (Transcorp), has urged African leaders and global stakeholders to act swiftly to expand energy access across the continent, emphasizing that Africa’s economic progress depends on its ability to increase energy availability and affordability.
Speaking at the ninth edition of the Future Investment Initiative (FII) held in Riyadh, Saudi Arabia, Dr. Omogiafo joined global energy executives and policymakers from Europe, the United States, the Middle East, and Asia during a plenary session titled “Board of Changemakers: The Energy Trilemma.” She stressed that Africa’s development goals cannot be met without tackling the continent’s severe energy deficit.
Representing Transcorp , one of Nigeria’s leading conglomerates with strategic investments in the power, energy, and hospitality sectors ,Dr. Omogiafo highlighted that the real challenge for Africa lies not in transitioning to renewable energy, but in providing equitable energy access. “I am from Nigeria, and my company is driving energy transformation. The focus is not just about transitioning but ensuring that every African has access to energy. The gap is enormous, and it must remain at the center of global energy discussions,” she said.
Dr. Omogiafo painted a stark picture of Africa’s energy poverty, revealing that between 70% and 80% of the world’s population living without electricity are in Africa. “That is an alarming reality,” she noted. “When we talk about migration today, many of those leaving the continent do so not out of choice or discontent, but because they are seeking better living conditions that reliable energy can help provide.”
She further explained that while renewable energy is a critical part of the global conversation, affordability remains a major concern for African economies. “In Nigeria, renewable energy is not yet cheaper. The only renewable source that is currently more affordable is hydro, largely because existing hydro infrastructure was built long ago and the resource is naturally available. However, just about 12% of Nigeria’s grid power comes from hydro, while the rest is generated from fossil fuels and gas-fired plants,” she stated.
During the session, Dr. Omogiafo called for a balanced and realistic approach to energy development in Africa. “This is not an either-or situation. Africa must pursue energy expansion using all viable sources, including off-grid and mini-grid technologies, to ensure that our population,especially the youth , can fully participate in the global economy,” she said. “We must deliver affordable, reliable power today to drive industrialization and economic growth that will, in turn, enable the sustainable energy systems of tomorrow.”
Her remarks at the high-level forum underscored Transcorp’s leadership role in advocating for energy transformation across Africa. The company continues to invest strategically in power generation and energy infrastructure aimed at closing the continent’s electricity gap.
Dr. Omogiafo reaffirmed Transcorp’s mission to improve lives and transform Africa through innovation, sustainability, and inclusive growth. “Energy access is not merely a development goal; it is the foundation for progress, productivity, and prosperity across the continent,” she concluded.
Through her call to action, Dr. Omogiafo positioned Transcorp as a driving force in Africa’s pursuit of equitable, scalable, and sustainable energy solutions essential for the continent’s long-term growth and resilience.
