and stakeholders explained that advancing the energy sector and fostering a sustainable energy future requires the commitment of all and sundry.
While delivering the opening speech at the event, Adelabu harped on the need for critical issues such as private and public collaborations and investments as major requirements to making electricity more accessible and affordable. He noted that Nigeria, blessed with abundant natural resources, a rapidly growing population, and an expanding economy, stands at a pivotal moment in its energy journey because the demand for accessible, reliable and sustainable energy has never been greater than what it is currently.
As part of the plan to achieve sustainable energy in the country, Adelabu said that the Federal Government would invest $20bn in power plants and grid stability, adding that this would grow the power sector in 2023 and beyond. “That is why my tenure would focus on growing power generation to 20, 000 megawatts in the next three years. But the target would be impossible without investments from all investors across the sector’s value chain. From the utilities to transmission and generation companies; everyone must be ready to invest to achieve the target,” he said.
“The Nigerian electricity market is huge. So, investors must be ready for mid and long-term investments before expecting to make profits. The industry needs liquidity and this can be attained through equity and debt capital,” he said. He alluded to the case of his journey to South Korea for a conference, where he found out that the Asian country with a population of about 50 million; generates over 130, 000MW of electricity.
On his part, Ahmad said growth in Nigeria’s power sector should be linked to the global drive towards achieving energy transition due to the adverse effects of climate change brought about by global warming.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: GuardianNigeria - 🏆 1. / 94 Read more »