The Federal Government has identified grid stabilisation, improved sector liquidity, asset optimisation and network expansion as four major priorities in its renewed efforts to address Nigeria's electricity challenges.
The Minister of Power, Joseph Tegbe, disclosed this at the sixth annual conference of the Power Correspondents Association of Nigeria in Abuja, where he outlined the government's strategy for improving electricity supply.
Tegbe, who was represented by his Special Adviser on Administration and Projects, Martins Olajide, said the four-pronged roadmap was designed to strengthen the power sector and support the country's ambition of building a $1tn economy.
Start tomorrow informed
Save your place for the morning brief. We’ll start emailing when delivery goes live.
Free. Confirm by email. Unsubscribe anytime.
He said the government planned to align electricity generation, transmission infrastructure and distribution capacity with demand in major economic centres.
The areas identified for priority attention include the Lagos-Ogun axis, Benin, Enugu, Port Harcourt and Abuja, as well as the Kaduna and Kano energy corridors.
The minister's representative also disclosed that the N1.2tn already raised by the government had helped ease financial pressure on generation companies, improving their capacity to pay for gas and maintain power plants.
The conference, themed “$1tn Economy: Nigeria's Roadmap to Reliable and Affordable Power Supply”, brought together stakeholders to examine the challenges confronting the electricity industry.
In his keynote address, the Managing Director and Chief Executive Officer of FGN Power Company Limited, Kenny Anuwe, disclosed that the company was targeting a $1bn recapitalisation to attract large-scale private investment into the sector.
Anuwe said the proposed capital injection was aimed at supporting the delivery of reliable and affordable electricity needed to drive Nigeria's economic growth ambitions.
Earlier, the Chairman of PCAN, Obas Esiedesa, warned that the country's ambition of becoming a $1tn economy by 2030 would remain difficult to achieve without dependable and affordable electricity.
He said industries, businesses and households required stable power supply to contribute meaningfully to economic development.
Stakeholders at the conference also urged journalists covering the electricity industry to give greater attention to electrical safety awareness, noting the importance of public education in reducing accidents associated with electricity use.
Discussion0