Sahara calls for fresh approach to energy financing

Sahara Group has called for a fresh approach to financing Africa’s energy sector, saying stronger governance, investor confidence and better-prepared projects are critical to unlocking the capital needed to drive the continent’s energy transition.

The call was made on Wednesday at the third edition of Asharami Square, Sahara Group’s thought leadership initiative, held under the theme, ‘Energising Africa’s Future: Legacy, Impact and Transformation’.

Opening the discussions, the Director of Governance and Sustainability at Sahara Group, Ejiro Gray, said the company’s Beyond XXX vision is rooted in looking ahead rather than dwelling on past accomplishments.

Gray said Africa’s energy future must be shaped by local realities and called for more balanced, evidence-based journalism capable of interrogating the complexities of energy transition, development and sustainability.

She said, “Effective journalism should not only tell us what happened; it should help us understand why it matters, whose interests are affected and what perspectives are missing from the conversation.”

Delivering the keynote address, the Special Adviser to the President on Power Infrastructure, Sadiq Wanka, said reforms in Nigeria’s electricity sector were creating new investment opportunities but stressed that financing remained the biggest hurdle.

“The issue is no longer technology. The real challenge is mobilising capital at scale, structuring bankable opportunities and creating an ecosystem that attracts long-term financing,” he said.

Wanka said reforms across the sector were creating opportunities in embedded generation, mini-grids, renewable energy, transmission infrastructure and industrial power solutions, while urging journalists to delve deeper into policy reforms, investment opportunities and implementation outcomes.

A panel featuring the Director of the Institute of Continuing Education, University of Lagos, Prof Abigail Ogwezzy-Ndisika; the Chief Executive Officer of the Lagos State Electricity Regulatory Commission, Temitope George; the Managing Director, Investment Banking, Chapel Hill Denham, Kemi Awodein; and moderated by Associate Editor, Africa, Argus Media, Adebiyi Olusolape, explored the question, ‘Who is financing Africa’s energy future?’

The panellists agreed that Africa possesses significant pools of capital capable of supporting infrastructure development but said unlocking investment would require stronger governance, investor confidence and better project preparation.

Speaking on journalism and accountability, Ogwezzy-Ndisika called for more rigorous and solutions-focused reporting, saying, “Energy reporting must go beyond headline events and announcements. Journalists need to ask deeper questions, examine the evidence and connect policy decisions to their impact on communities and everyday lives.”

On her part, George emphasised the importance of investment readiness, noting that well-structured and thoroughly prepared projects were more likely to attract funding.

Drawing from her experience in infrastructure finance, Awodein said, “Nigeria has demonstrated that domestic capital can finance transformational infrastructure at scale. The real differentiator is governance, transparency and a clear pathway to value creation.”

The event also featured the unveiling of the Asharami Square Energy Reporting Fellowship Judging Panel, reinforcing Sahara Group’s commitment to strengthening energy journalism and fostering more informed reporting on Africa’s energy future.

Speaking on the initiative, the Head of Corporate Communications at Sahara Group, Bethel Obioma, said the fellowship was designed to deepen journalists’ understanding of the technical, commercial, environmental and policy issues shaping the energy sector.

He said, “Through the Asharami Square Energy Reporting Fellowship, we are investing in the capacity of journalists to tell more solutions and evidence-based stories that reflect the realities, opportunities and challenges of Africa’s energy transition.”

Obioma said the fellowship aligns with Sahara Group’s Beyond XXX vision of investing in people and platforms that will help shape Africa’s future, adding that Prof Ogwezzy-Ndisika will serve as the lead assessor for the programme.