The Minister of Power, Chief Adebayo Adelabu, expressed concern on Friday about Nigeria’s suboptimal performance of all 10 Independent Power Plants (IPPs), revealing that they operate at less than 15 per cent capacity.
During the electricity and energy access session at the Nigeria International Energy Summit (NIES 2024) in Abuja, Adelabu acknowledged the challenges faced in the power sector, emphasizing the government’s commitment to enhancing power supply nationwide.
Adelabu highlighted the government’s efforts to address the electricity deficit and assured Nigerians that improvements were underway. He lamented that the inadequate power supply was hindering citizens from enjoying a good quality of life.
The minister pointed out that the upcoming addition of the 700-megawatt Zungeru Hydro to the grid in the next two weeks and ongoing work on evacuation infrastructure for the 40MW Kashimbilla Hydro would contribute to the steady improvement of power supply.
”Additionally, efforts are being made to establish gas supply contracts for power plants under the National Integrated Power Projects (NIPP) managed by the Niger Delta Power Holding Company (NDPHC). These initiatives are expected to add approximately 3,500MW to the grid,” he said.
Adelabu urged Nigerians to exercise patience, emphasizing that the challenges in the power sector had been diagnosed and solutions were being implemented.
He underscored the need for the sector to attract equity investment and debt capital, making it essential for the model to be bankable to attract investors and lenders.
The minister called for stakeholder collaboration to bridge the energy access gap in Nigeria and other African countries.
He acknowledged the unfortunate position of Nigeria in the global hierarchy of nations concerning power production and supply, emphasizing the impact on economic growth and the quality of life for citizens.
On his part, the Secretary to the Government of the Federation, Senator George Akume, commended participants for their efforts and ideas.
He assured stakeholders that the Federal Government would work towards bringing the head office of the Africa Energy Bank to Nigeria.