SEE What Is Hindering Nigeria's Development

The 2014 World Energy Issues Monitor, a report by the World Energy Council (WEC), has identified Energy, poverty and corruption as the top critical uncertainties for Nigeria.

These factors, the report said, have significant impact on the country’s sustainable development. Although equipped with extensive and diverse energy resources, more than half of the Nigerian population still had no access to electricity. As in many African countries, the challenge of modern energy access is acutely visible here.

Largely driven by the oil sector, the WEC reports that the Nigerian outlook for economic growth remains positive. This growth is not inclusive, however, as it does not translate into poverty reduction and shared prosperity.

The proposed oil and gas industry reforms of the Petroleum Industry Bill have not yet been voted on by the National Assembly. This remains a source of concern to the industry key stakeholders and operators, with implications for investments says the WEC report.

The country’s power supply remains unstable and unreliable, with poor performance and a weak infrastructure. This negatively impacts business, social and economic development.
Together with six other countries, Nigeria is now part of President Obama’s Power Africa Initiative, aimed at accelerating investment in Africa’s power sector and improving electricity access over the next five years.

Corruption is another critical uncertainty and has been an ongoing concern for the Nigerian Administration. In spite of many efforts to improve transparency, it remains a critical issue yet to be solved.
Cooperation with China, India and Brazil has been strengthened, and has resulted in more opportunities for the energy sector says the report.

The report says the most important need-for-action issues in Nigeria include: China and India, large-scale hydro,renewable energy and energy efficiency. Nigeria’s cooperation with China and India is being reinforced. As emerging countries with similar challenges to Nigeria, much can be learned from their cases and success stories.

With a huge potential of about 15 GW (with less than 1.4% exploited thus far), large-scale hydropower is perceived as a clean renewable energy option that needs to be further developed to meet energy needs in a sustainable way.
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