- With a $20 billion investment plan, new power plants and transmission lines would be established to boost electricity generation (generate 20,000MW) and grid stability.
- The industry should be able to transport power at a minimum of 80 per cent of stored capacity to end users.
Minister of Power, Adebayo Adelabu, has pledged on behalf of the federal government to generate 20,000MW (megawatts) of electricity in the next three years. He made the pledge to increase the national grid capacity at the Nigeria Energy Leadership Summit in Lagos, where he acknowledged that the greatest challenges in the sector were reliability and universal access to power for served and underserved communities.
The minister stressed that the industry should be able to evacuate and transport power at a minimum of 80 per cent of stored capacity to end users. Adelabu stressed that the 2023 Electricity Act promotes the country’s industry landscape, describing the law as a game changer that would foster the nuclear energy supply chain, enhance regulatory oversight and clean energy transition, and improve sale delivery and infrastructure development.
He pointed out that the piece of legislation would stimulate economic growth by creating an environment conducive to investment and competition, generate job opportunities, encourage entrepreneurship, and attract foreign direct investments (FDIs). Adelabu added that achieving the medium-term target of 30,000MW by 2030 and the long-term plan of 60,000MW by 2060 was possible, referencing South Korea. He urged operators in the value chain to collaborate for grid improvement.
Also, Exhibition Director, Nigeria Energy, Informa Markets, Ade Yesufu, said with a $20 billion investment plan, new power plants and transmission lines would be established to boost electricity generation and grid stability.