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#Electricity: Leveraging Gas to Power Nigeria
In order for any country to experience sustainable growth, there is an underlying need for consistent, affordable, and environmentally-friendly energy.
Electricity plays a fundamental role in the socio-economic progress and development of every nation.
It facilitates the provision of basic amenities, essential health care, food, communication and transport.
It is also responsible for powering industries; from manufacturing to mining to agriculture to e-commerce to real estate and much more.
The Nigerian energy industry is arguably one of the most inefficient in meeting the energy needs of its consumers.
The persisting energy crises has weakened the progress of industrialization, hindered development, and contributed negatively to the quality of life in a country where majority of the populace live on less than $2 a day.
According to the Gas exporting countries forum, Nigeria has proven reserves of well over 5 trillion m³, the largest proven gas reserves in Africa.
With gas reserves far greater than our oil reserves, gas not only has the potential to power Nigeria for the next 50+ years, it also offers a comparably cheaper and cleaner way of generating energy.
Nigeria has reportedly flared more gas than any other country in the world despite the fact that the benefits of gas go beyond the socio-economic.
Gas discoveries in Nigeria have, for the most part, been incidental oil exploration and production activities.
As a result, despite the associated environmental hazards of gas flaring, experts say Nigeria used to flare about 1.2 billion cubic feet of gas a day (bcf/d), which could fuel about 7000MW of efficient thermal electric power, over 1,400 agro-processing facilities, 350 textile plants, and 70 fertilizer plants with a plethora of opportunities to create over one million jobs.
This amount of gas flared represents 12.5 percent of all globally flared gas. Between January and September 2014, Nigeria lost about $1billion as oil companies operating in the country flared a large proportion of the gas produced. This figure has now reduced by almost 50%, due to a realisation of the value of gas.
IOCs such as Shell recently announced they will focus their future investments in Nigeria on gas. Indigenous companies have also increased their own focus on the gas industry. For example, the indigenous oil and gas firm, Seplat Petroleum Development Company has invested $300m in the gas business.
The company also expanded its gas processing facility in Oben, Edo State to boost power generation in the region.
Oando PLC is another example. Their mid-stream subsidiary has begun the expansion of the Trans Amadi gas pipeline located in Port Harcourt, as well as a further extensive build-out of its vast Lagos gas grid to connect off-takers located on the Ijora-Marina-Bonny Camp axis.
The company has earmarked its approach as part of a long-term strategy to drive gas production and supply in every industrial centre in Nigeria. Oando has also announced plans to invest $36 million, in the construction of three gas-compression plants in the country within the next year.
A final example can be found in Seven Energy who recently secured a $495 million loan from a consortium of Nigerian and international lenders to help fund its spending to supply gas to the domestic market.
Seven has already invested $1 billion in related projects in the southeast gas fields along with the related infrastructure and pipelines so it can sell gas into the domestic market for use in power generation and industrial consumption.
These projects are all timely especially considering that domestic gas demand is projected to reach 5 billion cubic feet daily in the next two years.
The International Energy Agency (IEA) forecasts overall power generation in Africa to increase its current level of 17% to above 25% by 2040, further spurring an economy such as Nigeria’s, which is projected to grow to $4.2-trillion by 2040 and take its place as the world’s 4th largest economy.
This clearly outlines the trajectory of the global energy industry.
Undoubtedly, the transformation of Nigeria’s power sector is key in order to drive economic growth.
The power privatisation process, and the simultaneous process of divestment by major IOCs from gas rich, onshore Nigeria Delta assets heralded a period of investment in gas processing and distribution infrastructure that is vital to the long term success of the power industry, but much work remains to be done.
It is imperative that the government commits to accelerating and finishing the work that has been started in this area.
In certain areas, incentives, concessions, and enabling policies are still required. Institutions such as the World Bank have recognised this; its Partial Risk Guarantee Scheme in Nigeria is the largest such scheme in the world.
To provide the guarantees many investors are seeking, there has to be a regulatory process to enhance the creditworthiness of gas off-takers, along with the bankability and enforceability of domestic supply contracts as well as the gas price regime.
The benefits, if a viable framework is implemented, are exponential and indisputable. It is a simple fact that improving power generation and supply will have a considerable impact on our annual economic growth.
At a time when the Naira has devalued significantly and our overreliance on imported petroleum products has driven the currency even further down, import substitution is vital to power plants and industries to drive inclusive economic growth.
It is very clear that Nigeria’s energy requirements are very high while supply remains inadequate, insecure, and irregular.
Nonetheless, there is a firm belief in the future of the Nigerian gas industry and its potential to have a positive and tangible impact on energy provision, the economy and quality of life of every Nigerian.
Dawn Dimowo is a consultant with africapractice providing political and business intelligence, analysis and communications support to local and international clients in different industries including extractives, agriculture, ICT and finance. She worked formerly at the office of Legal Affairs of INTERPOL in Lyon and more recently with a government agency in Abuja. Dawn is a qualified lawyer and speaks English and French fluently
Mobility technology company, Moove has raised $250 million in a Series C funding round at a valuation of $2.1 billion, reaching unicorn status.
The startup will deploy the fresh capital to build out autonomous vehicle infrastructure, expand fleet ownership, construct robotics-focused “Nests” for charging and maintenance, and grow its autonomous workforce from 150 to 500 by year-end.
The company plans to enter additional global markets, reflecting a strategy to build the operational infrastructure required for large-scale autonomous transportation rather than simply supplying vehicles.
Led by Mubadala Investment Company and co-led by Woven Capital, Toyota’s Growth Fund, and Ion Pacific, the round also included new investors BlueCrest Capital Management, Sona Asset Management and The Raptor Group, alongside existing backers BlackRock, MUFG, Franklin Templeton and Uber.
“Autonomous mobility is becoming an infrastructure race requiring fleets, charging systems, maintenance, data infrastructure and continuous city-level operations,” said Ladi Delano, co-founder, co-CEO and advisory board chairman of Moove.
Founded in Lagos in 2020, Moove has grown into a global mobility platform employing about 3,300 people across 29 cities in 13 countries, operating approximately 42,000 vehicles and reaching $420 million in annualised recurring revenue.
It has expanded organically and through acquisitions, including Kovi in Brazil and Tokyo Taxi in Japan. Moove also operates autonomous vehicle fleets in partnership with Waymo in Phoenix and Miami, with London expected to join its footprint.
The $2.1 billion valuation places Moove among Africa’s small group of tech unicorns, alongside Flutterwave, OPay, Moniepoint, Andela, Chipper Cash, Wave, Tyme, MNT-Halan and Interswitch.
The $250 million round is the largest single funding deal announced by an African startup this year, though EV mobility firm Spiro raised $270 million cumulatively across two separate rounds.
Heirs Life Assurance, the specialist life insurance company of Heirs Insurance Group, has appointed Pastor Jerry Eze as an Independent Non-Executive Director on its Board, effective August 10, 2026.
L – R: Tony Elumelu, Chairman, Heirs Life Assurance; Pastor Jerry Eze, incoming director, Heirs Life Assurance
The appointment reinforces Heirs Life Assurance’s commitment to expanding financial inclusion and accelerating insurance adoption by strengthening public trust, consumer education, and long-term financial resilience across Nigeria.
Despite being Africa’s largest economy, Nigeria’s insurance penetration remains below one percent – among the lowest globally – highlighting the need to expand financial protection and build greater public trust in insurance.
As Heirs Life continues to pursue its mission of making insurance accessible to every Nigerian, Eze’s appointment brings a unique perspective on community engagement, value-based leadership, and broad societal impact.
Pastor Jerry Eze is the Founder and Lead Pastor of Streams of Joy International Ministry, a growing multinational ministry with 34 branches across West Africa, Southern Africa, Europe and North America.
He is also the convener of the New Season Prophetic Prayers and Declaration (NSPPD), one of the world’s largest digital prayer platforms, reaching millions of people daily. Through his ministry and humanitarian initiatives, he has become one of Africa’s most influential voices, championing hope, compassion, and community transformation.
Beyond ministry, Eze is the Founder of the Jerry Eze Foundation, a faith-led philanthropy where he provides housing support and grants to vulnerable and underserved communities.
In 2026, he announced N1billion in grants to support young entrepreneurs across agriculture, technology, and manufacturing, further advancing enterprise development and economic opportunity.
Before entering full-time ministry, Pastor Jerry Eze built a career in development communications, serving as a Communications Specialist on a World Bank HIV/AIDS programme and with the United Nations Population Fund (UNFPA).
He holds a Bachelor’s degree in History and International Relations from Abia State University and a postgraduate degree in Business Administration from Enugu State University of Science and Technology.
Speaking about the appointment, Tony O. Elumelu, CFR, Chairman, Heirs Life Assurance, said: “Pastor Jerry brings an exceptional combination of integrity, influence, and a deep understanding of people and communities.
“As we continue our mission to democratise access to insurance, his insight will help strengthen consumer trust, deepen financial inclusion, and reinforce our commitment to protecting the financial future of millions of Nigerians.
“We are delighted to welcome him to the Board of Heirs Life Assurance and the broader family of Heirs Insurance Group.”
Commenting on his appointment, Pastor Jerry Eze said: “I am honoured to join the Board of Heirs Life Assurance at a defining moment for the insurance industry. Financial security empowers individuals, families, and businesses to pursue their aspirations with greater confidence and resilience.
“I look forward to working with the Board and Management to advance the company’s mission of making insurance more accessible, relevant, and impactful for every Nigerian.”
Heirs Life Assurance has become one of Nigeria’s leading specialist life insurance companies, ranking 7th on the Financial Times list of Africa’s fastest-growing companies.
It is one of the three insurance businesses of Heirs Holdings, the leading pan-African investment company, with investments across 24 countries and four continents.
Combining an omni-channel digital presence with physical branches spread across the country, Heirs Life continues to redefine life insurance through innovation, customer-centric solutions, and a commitment to making financial protection accessible to every Nigerian.
Heirs Insurance Group, comprising Heirs Life Assurance, Heirs General Insurance, and Heirs Insurance Brokers, collectively serves over 3 million people directly and indirectly.
The Group is championing financial inclusion and leading the digital insurance play in Nigeria, demonstrating its mission to democratise access to insurance.
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
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