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Energy Crisis Looms as Experts Push Reforms, Cash Support for Nigerians
Energy experts have raised fresh concerns over a looming crisis in Nigeria’s energy sector, urging urgent reforms and targeted cash transfers to cushion the impact of rising fuel prices on vulnerable citizens.
The warning comes amid continued volatility in global oil markets, driven by geopolitical tensions between the United States and Iran, which have pushed up crude oil prices and worsened domestic fuel costs.
The call was made ahead of the 19th annual international conference of the Nigerian Association for Energy Economics, scheduled to hold in Lagos from April 26 to 29, 2026.
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The event will bring together policymakers, regulators, investors, academics, and development partners to deliberate on the implications of global energy shocks on African economies.
A former president of the association, Adeola Adenikinju, described the situation as a “two-edged sword,” noting that while Nigeria could benefit from increased oil revenues, the same trend is deepening economic hardship for citizens.
According to him, rising petrol prices have triggered increases in transportation fares and inflation, placing significant pressure on low-income households.
“This is the time that Nigeria should say, ‘Look, we are sending some cash to those poor people who are vulnerable,’” he said.
Adenikinju, however, identified the absence of a reliable and comprehensive database of vulnerable Nigerians as a major policy gap, warning that it continues to hinder the effective implementation of targeted social interventions.
“If we have the data of all the poor people, this is the time that Nigeria should send some cash to those who are vulnerable, but we don’t have the data,” he added.
He further noted that recent increases in allowances for civil servants may provide limited relief but exclude millions of Nigerians in the private and informal sectors, stressing the need for coordinated efforts between federal and state governments to design broader and more inclusive support mechanisms.
Beyond immediate intervention, the economist called for structural reforms aimed at strengthening Nigeria’s social protection systems and improving its capacity to respond to external economic shocks.
Also speaking, the association’s president, Hassan Mahmud, said the conference comes at a critical time when Africa faces the challenge of balancing energy security, affordability, and sustainability amid a global transition to cleaner energy.
He noted that discussions would explore how emerging technologies such as renewable energy, energy storage, and digital systems can shape the continent’s energy future, alongside economic frameworks and public policies needed to attract investment and drive industrialisation.
Mahmud highlighted concerns that Africa, despite contributing less than four per cent of global carbon emissions, is facing increasing pressure to decarbonise without adequate financing or technological support.
According to him, the conference is designed to reposition the energy transition as an opportunity for economic growth, job creation, and poverty reduction rather than a constraint on development.
Participants are expected to engage in high-level plenary sessions, technical discussions on energy markets and policy reforms, industry showcases highlighting innovation across the energy value chain, and strategic dialogues aimed at producing actionable policy recommendations for governments and institutions across the continent.
The event will also feature a technical visit to the Dangote Refinery, described as the largest single-train refinery in the world, to provide first-hand insight into Nigeria’s refining capacity and its role in strengthening energy security in West Africa.
High-profile participants expected at the conference include billionaire businessman Tony Elumelu; the Chief Executive of the Dangote Group, David Bird; a former Minister of Power, Barth Nnaji; alongside energy regulators and other key stakeholders.
Adding to the policy debate, another former president of the association, Yinka Omorogbe, called for a fundamental shift in Nigeria’s energy strategy, particularly towards strengthening the downstream sector.
She criticised the country’s overreliance on crude oil exports, describing the upstream sector as an enclave industry with limited job creation potential.
“When you now open up the downstream and really make it functional and viable, you have industries throwing in hundreds of thousands of jobs into Nigeria,” she said.
Omorogbe emphasised that boosting domestic refining capacity would reduce dependence on fuel imports, create employment opportunities, and stabilise energy costs, warning that failure to act could expose Nigerians to even higher fuel prices.
Stakeholders are also expected to examine how Africa can leverage its vast hydrocarbon resources alongside its renewable energy potential to drive a pragmatic and inclusive energy transition.
The association further called on members of the media, private sector players, and development institutions to actively participate in amplifying the outcomes of the conference, noting that its resolutions are expected to influence policy direction and investment decisions across Africa’s energy sector.
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has accused President Bola Tinubu’s administration of being “held hostage by fraudsters” following the controversy surrounding the alleged Presidential Foreign Intervention Promotion Council (PFIPC).
In a statement issued on Thursday by his Senior Special Assistant on Public Communication, Phrank Shaibu, Atiku said the Presidency’s response to the scandal exposed what he described as a deep institutional crisis within the Federal Government.
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According to him, the government’s explanation that a private individual allegedly forged presidential documents, impersonated senior government officials, established an office inside the Federal Secretariat, opened bank accounts using government identities, and engaged foreign diplomats without insider support is difficult to believe.
He argued that rather than clearing the air, the Presidency’s defence had raised even more questions about the integrity of government institutions.
Atiku also questioned reports that about ₦1.3 billion was appropriated for the PFIPC in the 2026 Appropriation Act, despite claims by the Presidency that the agency never officially existed.
The former vice president challenged the government to explain how an allegedly non-existent agency found its way into the national budget, asking which ministries, officials, National Assembly committees, and lawmakers processed and approved the allocation before it was signed into law.
He further criticised the National Assembly for failing to detect the alleged anomaly during the budget process and questioned the role of the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC), accusing anti-graft agencies of selective enforcement.
Atiku maintained that regardless of whether the incident was the work of a sophisticated fraud syndicate or the result of institutional failure, the government must accept responsibility for allowing such a situation to occur.
While acknowledging that the individual at the centre of the controversy may face prosecution, he insisted that the Presidency must also account for the institutional lapses that allegedly enabled the activities.
Calling for an independent investigation, Atiku urged authorities to follow the evidence without political interference, insisting that no individual or institution should be shielded from scrutiny.
He added that the alleged fake agency saga has become another test of accountability and transparency in the Tinubu administration, urging Nigerians to demand answers from those entrusted with managing public institutions.
The Federal Government has announced that the National Youth Service Corps (NYSC) will replace its iconic khaki uniform with locally produced Adire fabric as part of a sweeping reform aimed at repositioning the scheme and promoting indigenous industries.
Minister of Youth Development, Ayodele Olawande, disclosed the development during an appearance on Channels Television’s The Morning Brief on Thursday.
According to the minister, the adoption of Adire is intended to strengthen Nigeria’s textile industry by ensuring government spending supports local manufacturers.
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“It’s Adire. Adire is being produced in Nigeria. We have them in Ogun, we have them in Kwara, we have the textile industry. Let’s put our money back into the country,” Olawande said.
The minister also revealed that the ongoing restructuring of the NYSC would see corps members posted based on their academic qualifications and professional backgrounds.
Under the new arrangement, graduates with education-related qualifications will be deployed to schools, while others will be assigned to sectors that align with their areas of study to improve productivity and national development.
Addressing security concerns, Olawande said the Federal Government is considering posting prospective corps members to regions where they studied or are familiar with, particularly in areas facing security challenges.
He noted that the move would reduce concerns among parents and corps members while making deployments more practical.
He further dismissed reports suggesting the military would be removed from the NYSC, describing such claims as a misconception.
According to him, while the scheme’s operational leadership will become civilian-led, the military will continue to play a key role in providing security and supporting the orientation programme.
The reforms follow the Federal Executive Council’s approval of a comprehensive overhaul of the 53-year-old NYSC scheme.
As part of the process, the Attorney-General of the Federation and the Ministry of Youth Development have been directed to amend the NYSC Act and relevant regulations to facilitate the implementation of the reforms.
The Federal Government said the changes are designed to transform the NYSC into a skills-oriented, productivity-driven and youth empowerment institution that supports its vision of building a $1 trillion economy.
Nigeria has secured a fresh $1.25 billion financing package from the World Bank to support ongoing economic reforms, boost private sector investment and create more jobs across the country.
The funding was approved under the Nigeria Actions for Investment and Jobs Acceleration (NAIJA) programme and forms part of the World Bank’s Country Partnership Framework (CPF) for Nigeria, which will run from 2026 to 2032.
According to the World Bank, the financing is designed to help Nigeria remove barriers to private investment, improve the business environment and lay the foundation for faster, more inclusive economic growth.
The programme will support reforms across critical sectors, including the capital market, digital economy, power sector, agriculture, trade liberalisation under the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA), as well as domestic revenue mobilisation.
The global financial institution said the initiative is expected to expand electricity access to about 32 million Nigerians, provide broadband connectivity for 58 million people, improve health and nutrition services for 40 million citizens, and support approximately 9.5 million farmers.
The World Bank added that its six-year Country Partnership Framework is focused on mobilising private capital, strengthening economic resilience and creating productive jobs while supporting investments in infrastructure, digital connectivity, human capital and agricultural productivity.
Speaking on the approval, World Bank Country Director for Nigeria, Mathew Verghis, said the framework builds on Nigeria’s recent macroeconomic reforms, which have contributed to stronger economic growth, improved public revenues and renewed investor confidence.
He stressed that sustaining the reform agenda would be crucial to unlocking the country’s full economic potential and creating more opportunities for millions of Nigerians.
The latest financing package is expected to complement the Federal Government’s efforts to accelerate economic reforms, attract investment and promote long-term, private sector-led growth.
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