By Bianca Iboma-Emefu
Nigeria’s new Minister of Power, Adebayo Adelabu has revealed FG plan to bridge eight million metering gap existing in the country, with emphasis on increasing the storage capacity of generating companies to at least 20,000 megawatts in three years.
Adelabu, disclosed this at the 10th edition Of Nigeria Energy Conference and Exhibition 2023, in Lagos organized by Informa Markets which brought together stakeholders from both public and private sectors to dialogue on developing the power sector in the country.
He said “Beyond improving our transmission and distribution infrastructures, we must invest in Metering technology where electricity distribution operators can track meters to prevent vandalization.
Moreso, a large chunk of power generated would get back to the end customers who finally pay for all the segment in the value chain.
“Nigeria has an energy plan to generate 60,000 Mega Watt of power by 2060, which would be a mixed of hydro and gas power plant. That is our long term target, while the medium term target is actually to generate 30,000 mega watt of power by year 2030, which is the next 7years.
“All household, small businesses, government institutions and industries must be properly metered so that everybody must account for their power usage and then pay for it.”
“Also, he stressed the need to reduce or even eliminate the gap and come up with technology that ensure that connections are monitored. There must be remote technology to monitor and track activities around these meters. A lot of people know how to bypass the meters, but we should be able to detect this act right from the distribution offices.
Furthermore, Adelabu called for collaborative efforts to shape energy in Nigeria, “Energy is the lifeblood of any modern economy, of which Nigeria is no exception. No meaningful economic growth or industrial development can be achieved without energy.
“We can be talking of potentials from now till tomorrow; potentials of our human resources in Nigeria, the massive endowments with natural resources. If there is no energy or power, all these amount to nothing and it can never be converted into reality.
“The challenges we face, ensuring access to reliable and affordable energy for all are quite complex.
It ranges from issues of energy security, and sustainability, to addressing climate change.
Consequently, it will require collective efforts to summon these challenges to realize our dreams of socio-economic development in our country,” he added.
He called for more investors, to invest into the sector, explaining that the industry is not for short-term players. When you come in, you don’t expect to start making profits in one, two, or three years. It is a medium to long-term investment, investors must understand that. It is a huge industry.”
He also emphasized the need for liquidity in the sector calling for new investor. He urged that investors recognized the medium to long-term nature of the power sector and assured them that with sustained investment, the industry would yield substantial returns. This is even as he advised that need for increased attention towards exploring renewable sources like solar, hydro, and wind, which not only reduce carbon emissions but also spur economic growth and job creation.
Emphatically, Adelabu recommended the need for enhanced communication among stakeholders to the public, in order to combat issues such as vandalism, meter bypassing, and damage to government properties.
He commended the Nigeria Electricity Act 2023 recently signed into law by President Bola Tinubu, underscoring its transformative potential which is expected to increase access to electricity, foster clean energy transitions, enhance service delivery, and facilitate infrastructure development.
On his part, the Exhibition Director, Nigeria Energy at Informa Markets Ade Yesufu stated that the Nigeria Energy exhibition and conference 2023 aimed at providing support to government and industry by addressing the challenges accessing affordable power.
“The event connects key stakeholders and governments with visionary professionals to accelerate the generation, transmission and distribution capacity.
Meanwhile, the Nigerian government is actively advancing its power sector in 2023 and beyond through various measures. With a $20 billion investment plan, new power plants and transmission lines are set to be established to boost electricity generation and grid stability.
Restructuring the electricity market by introducing competition and private sector involvement is underway”, Yesufu added.
The highlight of the event which is a convergence of distributors, contractors, developers, investors, and project owners had presentations from industry experts and stakeholders proffering ways to develop reliable power solutions, for the country’s peak energy demand and pave the way, for decentralisation.
In addition powerful panel discussions focused on power sector decentralization, the role of Natural gas in energy transition, funding opportunities, emission trading and leveraging the power of digital technology.
Also, the exhibition lounge had over 200 exhibitors from 21 countries, and three International Pavilions offering visitors, delegates and a first look at some of the latest products available in the market.