Vice President, Prof. Yemi Osinbajo has stated that Nigeria is on track to achieving national energy access in the next decade.
Osinbajo made this statement on Tuesday during the commissioning of the Afam3 Fast Power 240-megawatt turbine in Rivers State.
The project, which was executed in collaboration with General Electric and the Federal Government is projected to contribute about 966 MW of electricity to the country’s national grid boosting power generation and supply in the country.
The Vice President acknowledged during his keynote speech that Transcorp Power, a reliable investor in Nigeria’s electricity industry, was responsible for executing the Afam 3 Fast Power project.
He stated that the government of President Buhari has implemented various projects to improve the power supply in the country.
In his words “In 2020, electricity subsidies reached N584 billion, but service-based tariffs have led to a doubling of collection in the Nigeria Electricity Supply Industry from N40 billion in 2020 to N80 billion in the first quarter of 2023.
“If this trajectory continues, the Nigeria Electricity Supply Industry will be able to pay for itself. Our administration has also created programs for off-grid electrification. Rural Electrification Agency now has the capacity to provide electricity supply on a first-class basis.
“We are on track to electrify all Nigerians in the next decade. However, we will not make progress if our gas supply does not improve. The gas supply challenges are hampering improvements.”
In addition, Professor Osinbajo expressed his appreciation to General Electric, the National Council on Privatization, and the host communities for their contributions to the project, which will boost the country’s power supply capacity.
AMBusiness reported on Monday that the company’s Ughelli power plant has just been delisted from the privatization monitoring initiative of the Bureau of Public Enterprise. During this, the Chairman of Transcorp Power Limited, Tony Elumelu received a certificate of discharge.