- Nigeria has set an ambitious target to generate about 30,000 MW of electricity by 2030, and would require investments and partnerships for accomplishment.
- Nigeria’s energy value chain capacity is inadequate to reach the targeted power generation of 20,00OMW in the short term.
Minister of Power, Adebayo Adelabu, has stressed the need for improved partnerships between the public and private sectors to address critical issues in the power sector. The minister stated this at the just concluded 2023 Association of Energy Correspondents of Nigeria, represented by Engr Nosike E.N, Director of Transmission Services Department.
According to him, the numerous challenges in the power sector have led to frequent power outages and fluctuations in electricity generation. This also includes, in some cases, complete grid collapse. The minister said the government had set an ambitious target to generate about 30,000 megawatts (MW) of electricity by 2030. Of this amount, renewable energy will contribute 30 per cent to Nigeria’s energy mix.
He acknowledged that Nigeria’s current power sector infrastructure cannot effectively generate the much-needed electricity for the country. He explained that this is because Nigeria currently has a low power generation, transmission, and distribution capacity of about 5,625MW, 8,500MW, and 8,425MVA, respectively. According to him, these are inadequate to reach the targeted power generation of 20,00OMW in the short term.
The minister further said that Nigeria would require investments worth about $262 billion to achieve its ambitious target of expanding electricity generation capacity to about 30,000 MW by 2030. “Nigeria needs about $262 billion in investment to meet the expansion needs of the power sector by 2030,” he noted.