- The increased cost of production caused by the gas price surge has affected foreign investments, reduced reliability, and raised environmental concerns.
- The government is ready to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment.
The Minister of Power, Adebayo Adelabu, said that the recent surge in the price of natural gas has impacted the country’s capacity to generate enough power. He revealed this at the closing session of the African Natural Resource and Energy Investment Summit on Thursday in Abuja.
The minister stated that the gas price surge increased the cost of production, which has affected foreign investments, reduced reliability, and raised environmental concerns. This was as he sought continued cooperation and collaboration to help implement government policies and programmes in the energy sector for the well-being of Nigerians and the country’s economic development.
The minister, expressing the need to attract domestic and foreign investment towards energy self-sufficiency and economic diversification, said the government is ready to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment. Also, he said that the Electricity Act recently signed by the president was formulated to compel the utilisation of renewable and non-renewable energy sources to supply power in the country and attract investments.
Adelabu added, “While there is still work to be done, the commitment to improving the power sector is evident. The initiatives to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment are steps in the right direction. Consequently, with continued dedication and collaboration between the government, private sector, and other key stakeholders, Nigeria can look forward to a brighter future with a more robust and reliable power supply.”