The Nigeria government has retirated its commitment to transforming Nigeria’s power sector through meaningful and actionable reforms to ensure that policies are not only visionary but also practical, impactful, and sustainable.
Nigeria’s Minister of Power, Adebayo Adelabu, stated this at the 4th Edition of the Power Sector Correspondents Association Annual workshop, in Abuja, the nation’s capital, themed “The Power Sector: Ending the Talk, Time for Action”.
The Minister represented by Director of Renewable Energy and Rural Energy Access in the Federal Ministry of Power, Sunday Owolabi, said the government’s policies are focused on ending the challenges facing the country’s Electricity Transmission, Distribution and generation.
According to him, the workshop is not only timely but crucial for the growth and sustainability of the nation’s Energy future.
“We are fully committed to transforming the country’s Power sector, we are focused on ensuring that our policies are practical and sustainable”.
“We are resolute on ensuring power supply for every Nigerian,”
“For many years, we have had discussions, deliberations, and strategic dialogues on the challenges facing the power sector, We have heard the calls for reform, the promises of growth and the visions of a brighter energy future. Yet, it is clear that words alone will no longer suffice. We have reached a pivotal moment where the time for action has arrived. Our citizens, industries, and economy can no longer wait for promises” he said.
Commending Power Correspondents and other Stakeholders in the Power Sector, the Minister called for a critical role in the transformative journey in the nation’s Power sector.
“From the ongoing efforts to address infrastructure gaps, enhance power generation, we transition from words to action, I call on all stakeholders, including investors, regulators, and yes, the media represented here by the Power Sector Correspondents Association, to play their critical roles in this transformation. Your work in informing the public, holding us accountable and providing constructive feedback is essential as we strive to build a resilient power sector that meets the needs of our growing nation”
“Let us be clear: the road ahead will not be without challenges, but it is a road we must walk together. By embracing innovation, strengthening collaborations, and focusing on implementation, we will make the transition from talk to action.As we gather today, let us renew our commitment to concrete steps that will move the power sector forward”
Adelabu added that power generation in Nigeria would hit 6,000MW in December 2024.
Highlighting the path way to sustainable Grid power, the Managing Director of Azura west Africa, Mr. Edu Okeke called for critical change, stressing the need for a stable reliable grid power supply rather than the mini-grid.
Mr. Okeke, streseed the need for private sector investment to address the challenges in Nigeria’s power sector.
He emphasised that Electricity distribution company in Nigeria needs to invest at least $500 million for the needed change in the sector.
“Until private sector investment comes into Nigeria, nothing like transformation will be seen in the country’s power sector”
“How, then, do we achieve stability on our grid?”
“Initially the government polices were aimed at guaranteeing returns on investment for the power sector investors, promoting them security and an avenue to recoup their cost. This commitment led to the establishment of NBET as a government entity to facilitate these guarantee and attracted companies like ours-Azura power west Africa to invest ”
“My recommendation is a two-pronged approach to consider removing these debts from the DISCO’ books and mandating then to increase their capital by at least 500 million USD each. This will require existing shareholders to dilute their holdings to attract new investors with real capital to invest in infrastructure not just on paper but in transformers, cables and equipment to serve customers reliably”
Moving from Talk to Action Mr. Okeke further said ” this is not time to recount the issues but to urge action, the steps I have outlined may be challenging, but they are achievable and necessary if we are to transform our Power sector from a burden into an engine of economic growth, stable, reliable power is a prerequisite for any meaningful development in Nigeria and it is within our reach”
Speaking earlier, the Chairman of PCAN, Obas Esiedesa, lamented that the incessant National grid collapses have been a source of concern, in addition to the recent electricity tariff hike.
Also speaking at the workshop, Chairman of PCAN, Obas Esiedesa stated that “persistent issues with grid reliability and the ongoing challenges of the national grid, after 11 years of privatisation, still remind Nigerians of the pre-privatisation era.
“Our concerns are heightened by the fact that these issues persist despite the service-based tariff and the increased tariffs for B and A customers,” he emphasised.
He lauded the efforts of the government in ending the reoccurring challenges in the Power sector especially with the 2023 Electricity Act.
Olusola Akintonde
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