STANBIC IBTC REVEALS IMPORTANCE OF ENERGY AND INFRASTRUCTURE, HOLDS BREAKFAST SESSION

STANBIC IBTC REVEALS IMPORTANCE OF ENERGY AND INFRASTRUCTURE, HOLDS BREAKFAST SESSION

In order to enhance more effective and efficient productivity in the energy sector, Stanbic IBTC Bankb has elucidated its supports for energy enterprises aswell  educating potential clients about the tailored energy and infrastructure solutions.

The Chief Executive, Wole Adeniyi ably represented by Dr. Demola Sogunle made this declaration at the Energy and Infrastructure Breakfast Session, held at Eko Hotel & Suites, Victoria Island , Lagos State adding that the event is to stimulate discussions and enlighten presentations on pivotal industry developments, market insights, and avenues for growth.

He said there is need  to foster excellent connectivity between businesses and untapped markets, facilitate trade expansion, and position Stanbic IBTC Bank as the preeminent institution offering tailored solutions for Nigeria's energy and infrastructure landscape.

The Hon. Commissioner, Ministry Of Energy and Mineral Resources Lagos State, Abiodun Ogunleye represented by the Director, Engr. Antonio Ayodele said the transition to a renewable energy future requires more than technological solutions adding that there is need to enact reforms to streamline energy processes to create a fundamental shift in mindset, enhance collaboration and collective responsibility.

The Regional Head, Equity Research, Standard Bank Group added that the current administration has put plans and policies in place to improve non-oil exports, which will consequently reduce the level of borrowing.

According to the Head, Energy and Infrastructure Finance for Investment Banking, Standard Bank , Mozambique, Edson Machel " More than 95% of energy in Mozambique is from renewable Resources and so there is a scaling problem in terms of growing the resources to match the nation's growth.

Also speaking, the 'GMD', Rainoil Limited, Gabriel Ogbechie said the role of oil and gas in meeting Nigeria's growing energy demand cannot be over looked adding that the focus must be on ensuring energy security, adequacy and affordability.

He reiterated that gas production which has average N2.53 trillion cubic feet for nearly two decades represents less than 1% of the country's reserves.

"The Nigeria Electrification Project which will be completed by July this year is the largest in Africa. It is being built by the government to incentivise private stakeholders to tackle the issues in the energy sector through renewable energy", MD, Rural Electrification Agency(REA), Alhaji Abba Aliyu revealed.