Success Nwogu 
…$20bn investment, power sector catalyst – Yesufu
The Federal Government has said that Nigeria still has a huge gap, especially in delivering an adequate and stable power supply to consumers nationwide.
The Minister of Power, Chief Adebayo Adelabu, stated this at the Nigeria Energy Summit in Lagos on Tuesday.
He, however, noted that the country has recorded some progress in the sector, adding that energy is one of the most critical current issues.
He said the conference marks a significant milestone in the collective efforts to shape energy as a thing in Nigeria.
He posited that the summit is a good platform for direct feedback from industry operators.
He said, “Although some progress has been made across the power sector, there still remains a huge gap, especially in delivering adequate and stable power supply to consumers nationwide. Let me tell you about this for instance.”
Adelabu said, “I would like to congratulate and commend Informa Markets, the organizers of the conference, for their continuous efforts to provide a unique platform for stakeholders, both the public and private sectors, to come together and discuss the challenges, opportunities, and innovations that lie ahead in the power sector. Your commitment to advancing the sector in Nigeria is truly commendable and your contributions are quite invaluable.
“You will agree with me that energy is the lifeblood of any modern economy, of which Nigeria is no exception. I can confidently tell you here that no meaningful economic growth or industrial development can be achieved without energy.
“We can talk of the potential of now to tomorrow, the potential of human resources in Nigeria, the massive endowments of natural resources. If there is no energy, if there is no power, all this amounts to nothing and it can never be converted into reality. Sustainable energy fuels our industries, powers our homes, drives economic growth, and is a cornerstone upon which the progress and prosperity of nations are built.
“Nigeria, a nation blessed with abundant natural resources, a rapidly growing population, and an expanding economy, stands at a prime moment in its energy journey because the demand for accessible, reliable, and sustainable energy has never been greater than we have it now.
“The national energy mix comprises 80% and 20% of transitional, poor, and renewable hydroelectric respectively, guided by national best practices such as IHK, sustainability, and sustainability control.”
The minister stated that the greatest challenges of the nation in the sector are the great reliability and universal access to power for the conserved and underserved.
He expressed confidence that the narrative in the power sector, which is confronted with several challenges, will change in the near future.
He stated that the challenge, Nigerians face is to ensure access to reliable and affordable energy for all and wide communities.
He highlighted that the challenges range from issues of energy security, and sustainability, to addressing climate change.
Adebayo said, “Consequently, it will require collective efforts to struggle with these challenges in order to realize our dreams of socio-economic development in our region. The mission of power is focused on the balanced energy developments that drive socio-economic transformation, thus satisfying the future utility and sustainable development needs of energy security, sustainability, and affordability.
“Thus, as we convene here today, we are united by a common purpose to address the critical challenges and seize immense opportunities in the energy sector in Nigeria. The goal of this conference is not just to discuss these challenges, but to collaborate and implement concrete actions that will lead us towards a brighter and more sustainable energy future. We must help one another understand the power of strategic collaborations in this vital sector. This conference should not just be another talk show.
“We must arrive at workable solutions to resolve the highly technical challenges and leverage the opportunities provided at this conference. Let me rephrase that these challenges also lie in critical opportunities, such as unleashing power from renewable energy sources, for example, solar, hydro, wind, etc., which will not only reduce our carbon footprint in terms of emissions but also create jobs and stimulate economic growth.
“Number two, investing in cutting-edge technologies and innovative solutions that can transform the way we produce, transmit, distribute, and consume power. Number three, collaborating, sharing knowledge, and building partnerships that transcend borders and ideologies.
“Lastly, other opportunities amidst the poor subsidy removal include cleaning the transport system with electric vehicles and hydraulic technology. Ladies and gentlemen, you may be aware that the Nigerian power sector was privatized a decade ago to establish a competitive market intended to improve management and efficiency.
“This has led to significant gains, advanced private investments, increased generation, and provided reliable and cost-efficient power supply to Nigeria’s national oil.”
He added,” Although some progress has been made across the power sector, there still remains a huge gap, especially in delivering adequate and stable power supply to consumers nationwide. Let me tell you about this for instance.
“The truth of the matter is, all these progress that we have seen, they still remain an effort if the energy that is reliable and affordable cannot reach the end consumers, i.e., households, small businesses, institutions, and industries. I’m highly glad that in the recent past, stakeholders in the sector, particularly experts and investors, have demonstrated reasonable interest and confidence in transforming the sector.
“I am confident that all Nigerians will soon feel the impact. Let me use this opportunity to emphasize that the Nigeria Electricity Act 2023, signed into law by His Excellency President Bola Ahmed Tinubu, on the 8th of June 2023, is a testament to our commitment to transforming the electricity landscape in Nigeria.
“As a game changer, that will promote the nuclear energy supply chain in Nigeria, the Act will conduct an agenda to reduce assets of electricity, enhance regulatory oversight, clean energy transition, improve sales delivery, and infrastructure development. In particular, the Act will stimulate economic growth by creating a conducive environment for investment and competition.
“It will generate job opportunities, encourage entrepreneurship, and attract foreign direct investments. Let us work together to implement this legislation effectively, ensuring that its benefits are realized by all.
“On this note, let me emphasize that there is a good ecosystem in the nuclear energy supply chain, and I am confident that we will continue to work together to support companies’ journeys towards a more sustainable energy future.
“I urge you all to engage in meaningful discussions at this conference, network with fellow participants, and arrive at decisions, innovations, and partnerships that will not only benefit our nation but also contribute to the global efforts to combat climate change and ensure a better quality of life for all.
“Together, we can turn Nigeria into a brighter and more prosperous future for which our government is committed. This is one very important sector in which our ever-working past President, Asiwaju Bola Tinubu has been a key player in the transition to a more sustainable, easier world. As chosen to drive our much-desired economic growth and industrial development, we cannot afford to fail him in these transformation efforts.”
The minister lauded the organiser of the conference which included Ade Yesufu, the Exhibition Director, Nigeria Energy, Informa Markets. He also lauded the sponsors and partners which included, Skipper, Tetracore, Huwaei, Simba, Transmission Company of Nigeria, Ikeja Electric, Eko Electricity Distribution Company, Longi, Jinko Solar, Okaya, JMG, Ofster, Litec, Eunisell Interlinked Plc, Felicity Solar, Fronius, Lucy Electric, Jubaili Bros, JA Solar, GIL, Si-Kam, PowerPRO and among others.
Yesufu said there are over 200 exhibitors from 21 countries, three international pavilions.
He stated that Nigeria Energy is in its 10th edition and that it continues to support the government and the industry by not just addressing the challenges. He added that the edition will also provide relaible long-term solutions for the power sector in West Africa and help acheive its supply goals sustainably.
He stated that the Nigerian government is actively advancing its power sector in 2023 and beyond through various measures.
Yesufu said, “With a $20bn investment plan, new power plants and transmission lines are set to be established to boost electricity generation and grid stability. Restructuring the electricity market by introducing competition and private sector involvement is underway.”
