Nigeria’s Minister of Power, Adebayo Adelabu, is committed to increasing generating companies’ (GenCos) capacity to 20,000 megawatts within three years and bridging the 8 million metering shortfall in the nation’s power sector.
Speaking at the ‘Nigeria Energy Exhibition and Conference’ in Lagos, Adelabu stressed the significance of metering technology, aiming to ensure that everyone accurately measures and pays for their power usage.
He outlined a vision to achieve 30,000 megawatts by 2030 and an ambitious 60,000 megawatts by 2060, emphasizing the crucial role of efficient power distribution. Adelabu also called for increased focus on renewable energy sources, which can reduce emissions and stimulate economic growth and job creation. He highlighted the transformative potential of the recently enacted Nigeria Electricity Act 2023, which is set to enhance service delivery and infrastructure development in the sector.
The Exhibition Director at Informa Markets, Ade Yesufu, noted that this commitment comes at a pivotal moment for Nigeria’s power sector, with a $20 billion investment plan poised to bolster electricity generation and grid stability, ushering in a new era of competition and private sector participation.
