Nigeria’s Power Sector to Receive $20 Billion Boost by 2026
Nigeria is aiming to increase its power generation capacity to 20,000 megawatts by 2026 with a $20 billion investment plan, according to the Minister of Power, Adebayo Adelabu.
He made this statement on Tuesday at the Nigeria Energy Conference, where he also stressed the need to improve power transmission and distribution efficiency.
He said that the current situation, where only a fraction of the generated power reaches the end-users, is unacceptable and wasteful. He urged the government and the power sector stakeholders to address the 8 million metering gap in the country and adopt technology to monitor and collect payments from customers.
He said: “We must invest in metering technology; if we can eliminate the 8 million metering gap in Nigeria and develop technology to ensure that collections are monitored, and we can collect up to 90 per cent of power distributed, liquidity is assured in this country.
“The Nigerian government is actively advancing the power sector through various measures. With a $20 billion investment plan, new power plants and transmission lines are set to be established to boost power generation and grid stability”.
The minister’s remark comes amid frequent national grid collapses that have disrupted power supply across the country.
Newsflash Nigeria reports that the grid had collapsed three times in less than a week.
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