The Managing Director, Renaissance Africa Energy Limited, Mr. Tony Attah, says renewable energy does not pose any threat to oil and gas prospects.
Attah who made the expression on Friday, April 10, 2026, at the second Nigerian Content Academy virtual forum on the oil and gas sector, said that oil and renewable energy would complement each other.
He said that renewable energy would remain a part of the energy mix, and could not replace fossil fuels.
“I am also a fan of renewable energy, every household should have a solar panel and batteries, but fossils will always be the dominant source of energy to power industries,” he said.
Attah said that the acquisition of Shell’s onshore and shallow water assets by Renaissance, a consortium of five indigenous firms, was transformational.
He said that raising money for the acquisition deal within the country without resorting to offshore lenders was a task that took creative approach.
The managing director expressed worry that Africa’s energy sector was financed by external sources and was not skewed to develop the African continent.
According to him, the feat achieved by Renaissance will inspire more investors to fund the energy sector.
Attah urged Nigerian entrepreneurs to lead the move towards developing African energy sector by looking inwards for indigenous capital.
He commended the Nigerian Content Development and Monitoring Board (NCDMB) for instituting the Nigerian Content Intervention Fund, and the Nigerian Content Development Fund to enhance local firm’s capacity to acquire assets.
The Renaissance boss said that the establishment of African Energy Bank was a development capable of unlocking the potentials of the African energy market.
By Nathan Nwakamma