The Nigerian government is committed to providing a 24-hour power supply to the country, according to the Minister of Power, Adebayo Adelabu.
Speaking at the 4th Power Correspondents Association of Nigeria (PCAN) annual workshop in Abuja, Adelabu, who was represented by the Director of Renewable Energy, Sunday Owolabi emphasized that the government is focused on addressing the challenges facing Nigeria’s electricity transmission, distribution, and generation sectors.
“We are fully committed to transforming the country’s power sector. Our policies are designed to be practical and sustainable, with a firm resolve to ensure power supply for every Nigerian,” he said.
The call for private sector investment was echoed by Edu Okeke, the Managing Director of Azura-Independent Power Plant, who stressed that substantial private sector funding is crucial for the transformation of Nigeria’s power sector.
Okeke noted that each electricity distribution company in Nigeria must invest at least $500 million to address the sector’s challenges.
Adelabu recently revealed that Nigeria needs $10 billion in private-sector investment to achieve a stable 24-hour power supply.
He said the need for these investments is due to ongoing infrastructure issues, including frequent collapses of the national grid.
According to reports, the National Grid has collapsed at least twelve times in recent months, leaving parts of the country in darkness.
The Chairman of PCAN, Obas Esiedesa, also raised concerns over the recurring grid collapses and the recent electricity tariff hikes, pointing out that the reliability of the national grid remains a significant challenge, even after over a decade of privatization.
In addition to grid instability, the country is grappling with rising cases of vandalism targeting the Transmission Company of Nigeria (TCN) infrastructure.
Recently, armed vandals destroyed a power transformer radiator at the Obajana Transmission Substation, exacerbating the power supply issues, particularly in parts of Northern Nigeria.
Despite these setbacks, the government assured Nigerians that it remains committed to overcoming the challenges, with recent legislative moves such as the 2023 Electricity Act seen as key steps toward addressing the country’s power sector issues.
In a related development, residents of Magboro in Ogun State are set to experience round-the-clock power supply, thanks to a collaboration between Bresson A S, Magboro Power Company, and Ibadan Electricity Distribution Company (IBEDC).
This embedded power arrangement marks the first phase of the ambitious Magboro Power Plant project, with an expected capacity of 90 megawatts (MW) over time.
During the signing of the 30 MW power purchase agreement at the Sheraton Hotel in Ikeja, Lagos, Bresson A S Chairman and CEO Dr. Gbenga Olawepo-Hashim stated that the journey to build the Magboro Power Plant began over two decades ago.
“This project promises to provide a reliable and cost-effective energy source, with tariffs lower than those typical in the region’s Band A electricity market,” he said.
