About $262 billion investment is required in the power sector if the 30, 000 megawatts electricity generation target set by the
Expressing concern over the situation, Adelabu said the power sector was faced with multiple challenges, which comprised insufficient generation capacity, tripping of transmission lines, vandalism of power infrastructure, high frequency due to low demand for power, and aging infrastructure. When power systems infrastructure has exceeded its expected lifespan, it needs repair, rehabilitation, or replacement. Aging power network infrastructure can lead to increased failure rates and reduced reliability without adequate maintenance and system upgrades.
Adelabu further revealed that the signing of the Electricity Act 2023 is a deliberate effort of government to attract the required private sector investment in the power sector to bridge the huge deficits of electricity demand and supply. The Electricity Act 2023, assented to by President Bola Ahmed Tinubu, enables states, companies, and individuals to generate, transmit, and distribute electricity.
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