“Renewable Energy Key to Economic Growth” – Sterling Bank CEO

Lagos, Nigeria – Sterling Bank has rallied key stakeholders in the renewable energy sector to accelerate Nigeria’s shift toward sustainable power solutions. The bank hosted its inaugural renewable energy colloquium, themed “Beyond The Grid: Unlocking New Frontiers in Renewable Energy,” on Monday in Lagos, focusing on actionable strategies to expand energy access and support Nigeria’s economic growth.

Cablenews24 reports that Sterling Bank’s Managing Director and CEO, Mr. Abubakar Suleiman, emphasized the need for targeted interventions in regulation and financing to fast-track progress. Represented by Dele Faseemo, Group Executive of Corporate & Investment Banking, Suleiman stated:
“Energy access is critical for development. By prioritizing policy and funding, we can unlock opportunities that drive economic expansion and improve livelihoods.”

In a keynote address, Dr. Abba Aliyu, Managing Director of the Rural Electrification Agency (REA), highlighted Nigeria’s $26 billion energy deficit. Represented by Abba Hayatudden, Senior Advisor, he outlined REA’s strategy to integrate grid, mini-grid, and off-grid solutions to achieve universal energy access while aligning with climate goals.
“We are enhancing regulations, funding channels, and technical standards to scale renewable energy adoption nationwide,” he said.

The Minister of Power, Adebayo Adelabu, commended Sterling Bank for spearheading the dialogue. Represented by Engr. Samuel Ayangeaor, he reiterated the government’s commitment to renewable energy under the Renewed Hope Agenda, citing ongoing efforts to electrify underserved communities and stimulate job creation.

Lagos State Commissioner for Energy and Mineral Resources, Mr. Biodun Ogunleye, echoed this sentiment, detailing ambitious projects like the 2-gigawatt Lagos solar initiative as part of the state’s sustainability drive.

Mrs. Olapeju Ibekwe, CEO of Sterling One Foundation, urged participants to move beyond discussions:
“Let’s leverage our networks and act decisively to deliver real impact. The time for action is now.”

The event featured panel sessions on financing green energy solutions and scaling innovations, reinforcing the need for collaboration among stakeholders.

About Sterling Bank

Sterling Bank, a member of Sterling Financial Holdings, is a leading Nigerian financial institution with over 60 years of expertise in retail, corporate, and investment banking. Guided by its HEART strategy (Health, Education, Agriculture, Renewable Energy, and Transportation), the bank champions sustainable development through innovative solutions and digital financial inclusion.