The Chairman of the Board of Directors of Eko Electricity Distribution Company, Dr Dere Otubu, has advocated for additional investment in Nigeria’s power sector to satisfy the country’s rising energy demand.
According to The PUNCH, Otubu made the plea during a recent discussion hosted by the Nigeria-India Business Council’s trade mission to Nigeria in Abuja.
The Minister of Trade and Investment, Doris Uzoka-Anite; the Minister of Marine and Blue Economy, Adegboyega Oyetola; and the President of the NIBC, Sir Emeka Offor, among others, attended the forum with the topic ‘Expanding Trade and Investment Opportunities between Nigeria and India’.
Otubu, who is also the NIBC’s Vice President, emphasized the need of ongoing investments in guaranteeing reliable power infrastructure, as well as collaborative efforts between Nigeria and India to drive breakthroughs in the energy and other sectors.
He added that, while progress had been achieved in modernizing the country’s energy business, additional capital expenditure was required to boost generating, transmission, and distribution capacities.
“Nigeria has enormous potential in the power sector that can be unlocked with sufficient capital injection from investors seeking long-term returns,” he said.
The EKEDC board chairman highlighted the persistent problems confronting the power sector, emphasizing the critical need for new solutions.
Otubu, who is also the NIBC’s Vice President, emphasized the need of ongoing investments in guaranteeing reliable power infrastructure, as well as collaborative efforts between Nigeria and India to drive breakthroughs in the energy and other sectors.
He remarked, “The power sector is the backbone of any thriving economy, and as we see dynamic growth in Nigeria, it is critical to invest more resources in power to achieve the desired growth. This will not only address the current energy deficit, but also lay the groundwork for long-term economic development.”
He continued, “Only about 55% of Nigerians have access to electricity, indicating room for growth as more consumers connect to the grid.”
He praised the NIBC’s trade mission for its visit, stating that it will develop a long-term trading partnership between the two countries.
The Nigeria-India Business Council aims to foster business collaboration between the two countries.
Nigeria’s power sector is now facing issues due to a lack of natural gas supply, and electricity customers around the country have been complaining about a lack of power for nearly a month.
While the Federal Ministry of Power has yet to publish a formal statement on the situation, the Transmission Company of Nigeria stated that players in the energy value chain are working to remedy the issue.
