The Federal Government yesterday acknowledged that the abysmal level of power supply in the country is denying citizens the opportunity to live a good life.
The Minister of Power, Chief Adebayo Adelabu who stated this in Abuja during the electricity and energy access session at the Nigeria International Energy Summit, NIES, said the government was doing everything to ensure that power supply improves across the country.
Chief Adelabu noted that with the 700 megawatts Zungeru Hydro set to join the grid in the next two weeks and work ongoing to complete evacuation infrastructure for the 40MW Kashimbilla Hydro, power supply through the grid would steadily improve.
He said the government was also working to put in place gas supply contracts for the power plants under the National Integrated Power Projects, NIPP, managed by the Niger Delta Power Holding Company, NDPHC.
He explained that when this is completed the plants would add about 3,500MW to the grid, and therefore called for patience on the part of Nigerians.
He said the problems affecting the industry have been properly diagnosed with solutions found, adding that "we are now at the implementation stage. This takes time to manifest and that is why we are asking Nigerians to be patient".
He added that the "sector must be attractive for equity investment and debt capital. Our model must be bankable to attract investors and lenders. Transforming the power sector especially in our clime requires a lot of investment. The only way this can happen is when the investors have a line of sight that shows that whatever money they inject in the sector must surely come back".
He urged the stakeholders to work together to bridge the energy access gap in Nigeria and across African countries.
"It is unfortunate that Nigeria is on the low ebb in the hierarchy of nations in terms of power production and supply to households, businesses and industries. This has not only hindered our economic growth and industrial development, it has also denied our people access to good life", he added.
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Speaking while declaring the summit closed, the Secretary to the Government of the Federation, Senator George Akume assured participants that the Federal Government would work to ensure that the head office of the Africa Energy Bank to Nigeria.
Senator Akume who commended participants for the efforts and ideas pointed out that "in the spirit of inclusivity and cooperation, this summit has provided a platform for stakeholders to engage in meaningful discussions on innovations, policies, advancements, and the overall trajectory of the energy sector in Nigeria. The knowledge shared and relationships fostered during this summit will undoubtedly serve as catalysts for the transformative changes that lie ahead.
"I wish to express my sincere appreciation to all the participants, sponsors, and partners who have contributed to the success of this summit. Your commitment to the sustainable development of the energy sector in Nigeria is commendable, and I am confident that the collaborative efforts initiated here will yield tangible results in the days and years to come".
