WorldStage— The Federal Government says it will improve the utilisation of existing power assets, boost industrial productivity and attract more investments into the electricity sector.
Mr Joseph Tegbe, the Minister of Power, said this on Tuesday at the Nigeria Energy Leadership Summit in Lagos.
Speaking on the theme, “Powering the Nation: Nigeria’s Roadmap to Grid Stability, Investment and Energy Security”, Tegbe said grid stability, investment and energy security were critical to building a reliable and sustainable power sector.
He said that powering the nation required more than expanding installed generation capacity.
He added that there was a need to address growing demand, mobilise capital and develop infrastructure to convert available energy into usable electricity.
Tegbe said that improved access to quality electricity would enable manufacturers to plan production, sustain essential healthcare services and provide investors with a stable operating environment.
The minister said that successful reforms required leadership with the political will to address longstanding challenges.
He noted that President Bola Tinubu had demonstrated commitment to addressing structural weaknesses in the sector, including through Executive Order 23.
Tegbe said that the Federal Government planned to install more than seven million electricity meters within the next three years to enhance accountability and transparency.
He added that the government would train more than 50,000 youths in meter installation and related skills, beginning with 5,000 trainees every quarter.
Also speaking, Mr Biodun Ogunleye, Lagos State Commissioner for Energy and Mineral Resources, who represented Gov. Babajide Sanwo-Olu, said that no economy could grow beyond the capacity of its electricity supply.
Ogunleye said that reliable and affordable electricity was essential for businesses to thrive and investments to grow.
He stressed the need for collaboration among the Federal and state governments, regulators and private investors to develop a reliable and sustainable electricity sector.
Mr Jitender Sachdeva, Group President of SkippersSeil Group, said that the government could not fund the power sector alone and called for greater private-sector participation in financing electricity infrastructure.
Sachdeva also urged the government to ensure prompt payment to contractors to facilitate the timely completion of substations across the country.
Mr Ade Yesufu, Exhibition Director, said that more than 200 companies from nine countries were showcasing technologies aimed at improving power generation and delivery.
Yesufu said that Nigeria had significant opportunities to expand electricity generation, given its installed capacity, abundant gas resources and growing community of investors and innovators.
