Professor of Industrial and Energy Economics at the University of Lagos, Wakeel Atanda Isola, has called for the diversification of energy sources in Nigeria.
He made the call at the tenth (10th) Inaugural Lecture of the 2024/2025 academic session, which he delivered on Wednesday, April 9, 2025, at the J.F. Ade-Ajayi Auditorium.
With his lecture, titled: Held by the Jugular: Nigeria’s Industrialisation at the Mercy of its Energy Sub-Sector, Professor Isola explained that, “in order to enhance the stability of electricity supply in the country, generation sources should be diversified to include thermal, hydro, coal, wind, biomass, and solar power”.
That diversification, according to him, would ensure that alternative energy sources can be utilized as production costs fluctuate due to seasonal changes. He added that hydroelectric plants could be prioritized during the rainy season, while thermal plants may become more cost-effective during the dry season when water levels are lower.
Prof. Isola harped on the need to increase the quantity of energy generated and distributed across the country. His words, “There is need to increase the quantity of electricity generated and distributed in Nigeria. Although, the country has the capacity to generate over 10 thousand megawatts of electricity, but the capacity to distribute is limited to less than 5,000 megawatts. There is therefore the need for massive investment in generation, transmission and distribution segments of the industry”.
He also advocated for an optimal blend of fossil and non-fossil energy sources for electricity generation. According to him, this energy mix would form the foundation for ensuring efficient dispatch of electricity, which can significantly improve consumer satisfaction.
Prof. Isola averred that Nigeria, as a matter of urgency, must create a conducive environment for investors through strong governance and institutional reforms. He noted that, “There is need for a conducive economic, social and political environment in the country since the sector cannot operate in vacuum of its environment. Inputs of electricity production are tradable goods (gas and fuel), which are normally denominated in foreign currency, but the output is mostly sold within the country in local currency. The achievement of efficient supply of electricity at affordable tariffs, therefore, hinges on a stable exchange rate”.
The Inaugural Lecture, presided over by the Vice-Chancellor, Prof. Folasade Ogunsola, OON, FAS, was well attended by family, friends, and well-wishers of the distinguished academic.
Prof. Wakeel Atanda Isola was born on November 1, 1956, into the family of late Alhaji Tiamiyu Akintola Isola and late Mama Muniratu Atoke Isola in the Kanna Compound, Iwo Local Government Area of Osun State. He obtained his first Degree in Economics from the University of Ibadan in 1982; and Masters and Ph.D. in Economics from the University of Lagos in 1991 and 2007 respectively.
He joined the services of the University in year 2000 as Lecturer II in the Department of Economics, and in 2018, he became a Professor of Industrial and Energy Economics at the Department of Economics, Faculty of Social Sciences.
He is happily married, and blessed with children and grandchildren.
Report: Ndidi J. Odinikaeze
Photographs: Joshua Michael
