Adebayo Adelabu, the Minister of Power, has stated that utilizing renewable energy sources, such as solar, wind, and hydropower, will not only cut carbon emissions but also stimulate economic growth and job creation.
In a statement that was made available to The PUNCH on Thursday, it was stated that he had made this announcement at the current Nigeria Energy Exhibition and Conference in Lagos.
Stakeholders from the public and private sectors participated in the conference, which was organized by Informa Markets, and discussed issues related to the nation’s power sector development.
He declared, “There is a need for greater focus on investigating renewable sources like solar, hydro, and wind, which not only lower carbon emissions but also promote economic growth and job creation.
In addition, he pledged to close the eight million unit metering gap in Nigeria’s power sector and raise the storage capacity of the country’s generating companies to at least 20,000 megawatts in three years.
In order to promote economic growth and industrial development, Adelabu emphasized the critical role that energy plays. She said, “My vision between now and the next three years is to increase the storage capacity of our generating companies to at least 20,000 megawatts.
“It doesn’t stop there. You’ll be able to transmit at least 80% of this capacity to the electricity’s final consumers.
“In addition to enhancing our transmission and distribution systems, we must fund metering technology. In Nigeria today, there are more than eight million metering gaps. This gap needs to be closed or eliminated, and we need to develop the technology to monitor connections and ensure that we can collect at least 90% of the distributed power.
“All homes, small businesses, government buildings, and industries must have proper meters so that everyone must account for and pay for their electricity usage.“
While stressing the significance of the Conference, Ade Yesufu, Exhibition Director for Nigeria Energy at Informa Markets, stated that “a $20 billion investment plan is set to pave the way for the establishment of new power plants and transmission lines, bolstering electricity generation and grid stability.” This commitment by the Nigerian government to developing the power sector in 2023 and beyond is reflected in the Conference. “
The introduction of competition and private sector participation in the electricity market, which signaled a new era in Nigeria’s energy landscape, was one of the key components of this transformation, he continued.
