The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, expressed concern about the inadequate state of Nigeria’s power sector.
He highlighted that around 60% of Nigerians lack access to electricity, emphasizing the government’s dissatisfaction with the situation.
Speaking at the Ministerial Retreat on the Integrated National Electricity Policy and Strategic Implementation Plan in Abuja, Edun criticized the underperformance of industry players since the privatization of the power sector a decade ago.
Expressing disappointment, Edun stressed the necessity for the government to turn to renewable energy as a solution for cleaner and more sustainable power to fuel economic growth.
He underscored the pivotal role of electricity in driving rapid and sustained economic development, especially in areas like industrialization and manufacturing.
Edun pointed out that the current administration considers power as a priority and a key component in its plan for economic growth.
Despite the disappointing outcome of the privatization exercise, he urged stakeholders to actively participate in finding solutions.
Additionally, Edun emphasized the importance of considering renewable energy options to address the persistent challenge of insufficient power supply.
The Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu, added that the country requires substantial investment in power, with only 14% of the anticipated $100 billion annual investment expected to come from the public sector.
“Our long-term plan, Agenda 2050, is a major plank to deliver our investment in power and only 14 per cent of the $100 billion per annum investment is expected to come from the public. So, we have a lot to do in order to meet Nigeria’s electricity needs.
“The National Integrated Infrastructure Masterplan is a significant work done in terms of power components and most of it was done by the Ministry of Budget and National Planning. He said”
Bagudu highlighted the significance of the National Integrated Infrastructure Masterplan, particularly its power components, as a crucial step in addressing Nigeria’s electricity needs.
Bagudu also mentioned ongoing efforts to engage with global investors and development partners, as part of the global gateway funding of $300 billion, with $150 billion allocated for Africa.
He noted the expectation to utilize the funds before the year 2030, emphasizing the collaborative efforts required to meet Nigeria’s electricity requirements.
