The Nigerian Association for Energy Economics (NAEE) has said that ongoing macroeconomic reforms are beginning to open new opportunities for small businesses and support greater economic stability in the country.
Speaking at the 18th NAEE/IAEE Annual International Conference in Abuja, former NAEE president, Prof. Adeola Adenikinju, described the current policy direction as strong and forward-looking but stressed the importance of safeguarding vulnerable groups and small-scale entrepreneurs. He noted that while market forces drive economic growth, deliberate protection is needed to ensure inclusion.
He added that improved access to affordable energy and the removal of barriers in domestic gas supply would significantly boost productivity for small and medium-sized enterprises. Lower energy costs, he said, could enable SMEs to grow, innovate and remain competitive.
Also speaking, the Secretary General of the African Petroleum Producers Association (APPO), Dr. Omar Faruk, highlighted that Africa’s energy transition must align with its development realities. While renewable energy adoption is growing, he emphasised that fossil fuels still play a crucial role in powering industries and businesses across the continent.
The conference, themed “Emerging Geopolitics of the Energy Landscape – Navigating Global Shifts and Their Impacts on Developing Economies,” convened experts and policymakers to discuss sustainable energy strategies and their implications for economic growth and entrepreneurship in Africa.
