At the ongoing Nigeria International Energy Summit (NIES) 2025 in Abuja, Olumide Adeosun, Managing Director and Chief Executive Officer of Eterna PLC, participated in the panel session on the downstream sector, shedding light on the evolving investment landscape and the future of energy in Nigeria.
Olumide Adeosun
Adeosun emphasised that safety and regulatory stability are fundamental pillars for attracting investment in the downstream sector.
“If an investor believes that the rule of law does not apply, or that safety principles are compromised in a jurisdiction, they will be hesitant to invest,” he stated, underlining the need for a structured and secure environment for energy investments.
Reflecting on the sector’s evolution, Adeosun noted that modular refining and large-scale refining projects have traditionally been perceived as the most significant investment opportunities in the downstream industry.
However, he pointed out that the dynamics of energy consumption and mobility are shifting, necessitating a forward-thinking approach to investment.
Addressing the future of transportation energy, Adeosun highlighted the rise of Compressed Natural Gas (CNG) as a viable alternative fuel, particularly for commercial transportation.
He acknowledged the growing role of batteries and renewable energy, stating that young Nigerians are increasingly considering electric and alternative-fuel vehicles.
However, he noted that large-scale electric vehicle (EV) adoption remains constrained by power infrastructure challenges.
Adeosun further pointed out the potential for investment in battery technology and solar-powered charging systems, referencing the increasing prevalence of solar-powered devices and storage solutions.
He provided a compelling insight into Nigeria’s two-wheeler and three-wheeler market, which currently consumes a significant portion of the country’s petrol supply – estimated at 25 million liters per day.
Given that commercial motorcycles and tricycles account for a large share of fuel consumption, he identified an opportunity to transition these vehicles to battery-powered alternatives, reducing reliance on petrol and enhancing energy efficiency.
“There is a major investment opportunity in the electrification of commercial transport, particularly for those who have already invested in the necessary infrastructure,” Adeosun stated. “It is a chance for industry players to leverage existing assets and distribution networks to drive this transition.”
In conclusion, the Eterna PLC CEO reaffirmed the company’s commitment to innovation and sustainability, calling for strategic investments in alternative energy sources and infrastructure to ensure a resilient and competitive downstream sector in Nigeria.