L – R: Conference Planning Committee Chairperson, Oludare Senbore; Partner at Banwo & Ighodalo, Seyi Bella; MD/CEO Renaissance Africa Energy Company, Tony Attah; Managing Partner, TNP, Baba Alokolaro; and Conference Planning Committee Vice Chairperson, Christine Sijuade, at the 20th Annual Conference of the Nigerian Bar Association Section on Business Law (NBA-SBL) in Abuja.
The Managing Director of Renaissance Africa Energy Company, Mr. Tony Attah, has called for a shift from policy declarations to measurable outcomes in assessing Nigeria’s economic reform agenda, emphasizing that reliable energy supply remains the most critical indicator of genuine economic transformation.
Attah made the remark on Tuesday while speaking at the 20th Annual Conference of the Nigerian Bar Association Section on Business Law in Abuja, where stakeholders examined whether ongoing macroeconomic reforms are yielding tangible benefits for businesses and citizens.
According to him, while various reforms have been introduced by the government, their effectiveness should be judged by improvements in productivity, industrial performance, and the availability of stable and affordable electricity.
“Energy is the single most important input into Nigeria’s real sector, and today, it is also its biggest constraint,” Attah said.
He noted that many businesses continue to rely heavily on self-generated power, a development that significantly increases operating costs and undermines competitiveness.
Attah described Renaissance Africa Energy as a strategic response to Nigeria’s evolving economic landscape, stating that the company’s mission is centered on enhancing energy security, supporting industrialisation, and promoting African-led value creation through sustainable operations.
Highlighting the company’s recent achievements, he disclosed that Renaissance recorded more than 40 per cent growth in upstream oil and gas production within 100 days of taking over operations from Shell Petroleum Development Company.
He explained that the increased production has expanded the availability of feedstock for power generation and industrial activities, while the company’s strong emphasis on natural gas development is expected to unlock affordable and scalable energy solutions for the country.
“Gas remains the backbone of industrial power and a key enabler of economic growth,” he said.
While expressing confidence in Nigeria’s energy investment potential, Attah acknowledged that challenges such as foreign exchange volatility, infrastructure deficits and security concerns continue to affect the operating environment.
He described Nigeria as a “high-return, high-friction” investment destination and urged policymakers to focus on reducing operational bottlenecks, strengthening regulatory certainty and establishing commercially viable pricing frameworks capable of attracting long-term capital.
According to him, Nigeria’s energy sector requires not only cheaper electricity but also reliable and contractable power delivered through a sustainable market structure that can encourage investment and improve supply.
“The challenge is no longer whether reforms are being introduced, but whether they are delivering tangible results that businesses and citizens can feel,” he stated.
Attah said Renaissance is committed to playing a leading role in translating Nigeria’s vast energy resources into economic value by driving investments that support industrial growth and energy access.
Renaissance Africa Energy Company is the operator of Nigeria’s largest oil and gas joint venture assets involving Nigerian National Petroleum Company Limited, TotalEnergies and AENR. The joint venture operates across onshore, swamp and shallow-water assets in the Niger Delta, with participating interests held by NNPC (55 per cent), Renaissance (30 per cent), TotalEnergies (10 per cent) and AENR (5 per cent).
Industry observers say the company’s growing focus on gas development aligns with Nigeria’s broader objective of leveraging its abundant gas resources to boost power generation, industrialisation and economic diversification.
Comment here