Renaissance Africa Energy Limited (RAEC), has assured stakeholders in the oil and gas sector that the rise of renewable energy will complement, rather than replace, fossil fuels in the global energy mix.
Managing Director of RAEC, Tony Attah gave the assurance on Thursday, April 9 2026 while speaking as a guest at the second Nigerian Content Academy virtual forum on the oil and gas sector.
He addressed concerns among industry players and consumers over the growing shift toward alternative energy sources.
According to him, renewable energy will continue to play an important role, but fossil fuels will remain central to powering industries for the foreseeable future.
“I am also a supporter of renewable energy. Every household should have access to solar panels and battery storage, but fossil fuels will remain the dominant source of industrial energy,” he said.
Speaking on the theme, “Finding Funds for Effective and Efficient Local Content Initiatives – Independent Petroleum Producers Group Perspectives,” Attah described the recent acquisition of onshore and shallow water assets formerly operated by Shell Petroleum Development Company as a major milestone.
He explained that the $2.4 billion deal, executed by a consortium of indigenous firms, demonstrated the growing capacity of local investors to finance large-scale energy projects without relying on foreign lenders.
Attah noted that Africa’s energy sector has long depended on external financing, often to the detriment of local economic development. He said the Renaissance deal should serve as a model for increased domestic investment in the sector.
He also criticised the traditional model used by International Oil Companies, which focuses on crude export without adequate domestic refining, limiting value creation across the energy chain.
Encouraging Nigerian entrepreneurs, Attah called for greater reliance on indigenous capital to drive growth in the African energy sector.
He commended the Nigerian Content Development and Monitoring Board for initiatives such as the Nigerian Content Intervention Fund and the Nigerian Content Development Fund, which aim to strengthen the capacity of local firms.
‘Nigeria’s fossil fuel dependent economy is short-term thinking, unsustainable in future’
He further described the establishment of the African Energy Bank as a significant step toward unlocking investment opportunities and promoting intra-African energy trade.
In his remarks after the session, Obinna Ezeobi reaffirmed the board’s commitment to building local capacity and enhancing participation in the energy sector.
Ezeobi commended Attah’s insights, noting that the Nigerian Content Lecture Series remains a key platform for bridging knowledge gaps among stakeholders.