By: Olulana Olajumoke (SIWES Student from PACOHMAT)
The Federal Government of Nigeria announced that in 2023, Nigerians spent a total of N16.5 trillion on fuel, generators, and electricity. This expenditure far exceeds the N1 trillion revenue generated by the formal power sector last year.
The Minister of Power, Adebayo Adelabu, emphasized the government’s efforts to improve the power sector and urged citizens to utilize the national grid instead of relying on generators.
He highlighted that the cost of power generation through generators is significantly higher than using the national grid.
Minister Adelabu encouraged manufacturers to reconnect to the national grid, noting that it is the cheapest source of power.
The government’s goal is to achieve 30GW of power generation by 2030, with 70% from thermal sources (primarily gas) and 30% from renewable sources.
The minister also called on investors to consider investing in gas production to boost the country’s gas supply and support the targeted level of gas-powered generation.
He assured that the government is committed to creating a viable and bankable power sector, making the industry ready for investment.
