By Hungah Peter (SIWES student, Federal Polytechnic Ilaro)
During the closing session of the African Natural Resource and Energy Investment Summit in Abuja, Minister of Power Adebayo Adelabu pointed out that the recent upsurge in natural gas prices has had a significant impact on Nigeria’s power generation capability.
This surge has led to increased production costs, reduced reliability, difficulties in attracting investments, and environmental concerns within the power generation subsector of Nigeria.
Adelabu stressed the need for ongoing cooperation and collaboration among various stakeholders to effectively implement government energy policies and programs.
This collective effort is essential for the well-being of Nigerians and the overall economic development of the country.
The minister also emphasized the importance of attracting both domestic and foreign investments to achieve energy self-sufficiency and promote economic diversification.
He mentioned that the recently signed Electricity Act mandates the use of both renewable and non-renewable energy sources for power generation, aiming to meet energy demands and attract investments in the sector.
In conclusion, Adelabu conveyed his optimism about the future of Nigeria’s power sector, highlighting the commitment to enhancing electricity access, improving infrastructure, promoting renewable energy, and attracting private investment.
He believed that through continuous dedication and cooperation between the government, private sector, and other stakeholders, Nigeria can look forward to a promising future with a reliable power supply.
