As electricity prices are spiralling, it is also becoming increasingly clear that inflation will likely return. Because war in the Middle East has sent oil and gas prices soaring, just as war in Ukraine did before, the impact of faltering energy supplies is being felt around the world.
Renewable energy is coming to the rescue, but requires more realistic policy initiatives by governments.
Just recently, four more countries ratified their endorsement for nuclear energy development, bringing the number to 38 countries supporting the agreement.
The World Nuclear Association said it has welcomed Belgium, Brazil, China and Italy as the latest endorsers of the Declaration to Triple Nuclear Energy by 2050. They join a group of 38 countries committed to expanding nuclear energy’s role in delivering clean, secure and affordable energy systems.
Those that have earlier endorsed the agreement include Nigeria, Armenia, Belgium, Brazil, Bulgaria, Canada, China, Croatia, Czech Republic, El Salvador, Finland, France, Ghana, Hungary, Italy, Jamaica, Japan, Kazakhstan, Kenya, Republic of Korea, Kosovo, Moldova, Mongolia, Morocco, Netherlands, Poland, Romania, Republic of Rwanda, Senegal, Slovakia, Slovenia, South Africa, Sweden, Turkey, Ukraine, United Arab Emirates, United Kingdom and the United States of America.
The announcement was made in Paris during the Nuclear Energy Summit 2026 hosted by the Government of France and supported by the IAEA. The summit brought together heads of state, international organisations, financial institutions, and industry to discuss nuclear energy’s role in meeting global energy security and climate targets.
Meanwhile, Nigeria is turning to an unconventional strategy to ease its chronic electricity shortages by extracting more power from existing plants that operate far below capacity.
Under a proposal by President Bola Ahmed Tinubu, the federal government plans to establish a new vehicle, Grid Asset Management Company Limited (GAMCO), designed to revive idle generation assets, strengthen transmission infrastructure and attract private capital into the electricity sector.
Officials say the project would also become Nigeria’s first privately financed independent power transmission line, creating open-access infrastructure that future gas, solar or hydro generators could utilise.
Government officials say the initiative could restore up to 1,600 megawatts of electricity within two years, a potentially significant boost for a national grid that has struggled for decades to deliver reliable power to Africa’s most populous nation.
According to the presidency, the strategy focuses on optimising existing infrastructure, mobilising private investment and introducing disciplined asset management to improve electricity reliability and strengthen Nigeria’s economic competitiveness.
Nigeria’s power sector has long been defined by a structural paradox: billions of dollars have been invested in power plants that remain significantly underutilised due to weak gas supply, poor maintenance and limited transmission capacity. Although the country has installed generation capacity exceeding 13,000 megawatts, actual daily output typically falls far short of that level, forcing households and businesses to rely heavily on diesel generators.
In the view of industry analysts, investment in nuclear power is likely to drive greater efforts to sustain Nigeria’s target of achieving energy security.
In a discussion paper by Yomi Sola Falana, Chief Executive Officer of Falcore Power and Energy Limited, made available to LEADERSHIP, he said for decades nuclear energy was seen as a “giant’s game”, reserved only for the world’s largest economies with massive power grids and billions in spare capital. However, the arrival of Small Modular Reactors (SMRs) is changing the rules, opening windows of opportunity for developing countries in Africa to join the race by starting early enough to make a meaningful impact.
