In a powerful declaration that could reshape Nigeria's economic future, renewable energy has been described as the country's "new oil" by a leading industry expert during a major energy colloquium in Lagos.
Solar Energy Offers Better Returns Than Petroleum
Patrick Ilo, the Chief Executive Officer of Gennex Technologies, made the groundbreaking statement at the Gennex Colloquium held on Friday in Lagos. The event, themed 'A Decade of Innovation: Reflecting on 10 Years of Solar Energy Progress in Nigeria,' marked the company's 10th anniversary of advancing clean energy solutions across the country.
Ilo passionately urged young Nigerians, investors, and government institutions to direct more attention to the rapidly growing solar energy sector, which he said offers greater value and sustainability than traditional petroleum.
"This is the new oil. Anybody that can go into renewable energy has more margin than oil," Ilo stated emphatically. "Oil is a commodity product with slim margins, but renewable energy offers better returns and sustainability. It's something I want people to plug into and learn."
Building Human Capital and Local Production
The Gennex CEO revealed that through the Gennex Academy, the company has trained over 1,500 engineers and technicians who are now actively contributing to Nigeria's renewable energy ecosystem. Many of these professionals have established their own businesses or found employment within the sector.
"Knowledge is power, and because energy is evolving, technology is evolving, and we are bringing new innovations, it is mandatory on us to always train our people to keep up with the pace," Ilo explained. "People are coming into that space and learning new technologies. Many of them are now setting up their own businesses and living decent lives."
In a significant development for local manufacturing, Ilo disclosed that Gennex has already commenced local assembly of solar products, including inverters, bulbs, and fans. The company is also planning to begin lithium battery production in partnership with foreign experts.
"We are starting from the simple to the complex. The only thing we have not gone into yet is lithium, because of the technicalities, but that will come in the nearest future with our partners' support," he added.
Remarkable Growth in Nigeria's Solar Sector
Supporting Ilo's optimistic outlook, Nnenna Kayode-Lawal, Divisional Head of Conglomerates, Corporate Banking at Fidelity Bank, highlighted the transformative progress in Nigeria's solar energy sector over the past decade.
"Ten years ago, solar in Nigeria was almost a novelty, powering only streetlights and radio towers. Today, we have moved from candles to charged smartphones, from one-hour generators to sunlit days of power in homes and hospitals," she noted in her keynote address.
Kayode-Lawal traced the evolution of solar power from a modest 11 megawatts (MW) of installed capacity in 2015 to about 385 MW by early 2025, attributing this impressive growth to policy reforms, public-private collaboration, and technological advancement.
She also revealed that Fidelity Bank is simplifying access to green finance through its Fidelity Green Energy Finance product and leasing scheme, designed to help homeowners and small businesses acquire solar systems without heavy upfront costs.
Overcoming Challenges and Building Wealth Gradually
While acknowledging that manpower remains a major challenge in the renewable sector, Ilo commended the government for maintaining zero import duty on solar components, apart from batteries which attract 20 percent duty.
He emphasized that the company's training and mentorship programs were helping to close the skills gap in the industry and offered crucial advice to Nigerian youths seeking opportunities in the sector.
"The issue of quick money does not arise. Wealth is about patience. Wealth is slow, and you build it gradually," Ilo counseled. He particularly encouraged women to consider careers in renewable energy, noting that "Ladies can also be engineers; they can do installations with the type of technology we have now."
In her remarks, Executive Director of Gennex Technologies, Oluwatoyin Ilo, said the company's 10-year journey reflects a story of innovation, resilience, and commitment to national development.
"When Gennex was founded, we had a bold mission to make clean and reliable energy accessible to homes and businesses across Nigeria. Over the past decade, we have grown from bold ideas to tangible impact, expanding access to clean energy, deploying cutting-edge technologies, and nurturing local expertise," she stated.
The event underscored the growing consensus among industry leaders that renewable energy represents not just an alternative power source, but a fundamental economic opportunity that could rival Nigeria's traditional oil wealth in the years to come.
