The Chairman of the Board of Directors of the Eko Electricity Distribution Company, Dr Dere Otubu, has called for increased investment in the Nigerian power sector to meet the country’s growing energy demands.
Otubu made this call at a forum of the Nigeria-India Business Council’s trade mission to Nigeria held in Abuja recently.
The forum with the theme ‘Expanding Trade and Investment Opportunities between Nigeria and India’, had in attendance, the Minister of Trade and Investment, Doris Uzoka-Anite; the Minister of Marine and Blue Economy, Adegboyega Oyetola; the President of the NIBC, Sir Emeka Offor, among others.
Otubu, who is also the Vice President of the NIBC, highlighted the role sustained investments play in ensuring reliable power infrastructure, while stressing the importance of collaborative efforts between Nigeria and India in driving advancements in the energy sector and other sectors.
He stated that although progress had been made in reforming the country’s electricity industry, more capital investment was required to expand generation, 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,” Otubu noted.
The EKEDC board chairman acknowledged the ongoing challenges being faced by the power sector, noting the urgency need to adopt innovative solutions.
He stated, “The power sector is the backbone of any thriving economy, and as we witness the dynamic growth in Nigeria, it is imperative to inject more resources into power to bring about the desired growth. This will not only address the current energy deficit but also lay the foundation for sustainable economic development.”
Highlighting the market opportunities, he said “only about 55 per cent of Nigerians have access to electricity, indicating room for growth as more consumers get connected to the grid.”
He appreciated the NIBC’s trade mission for its visit, noting that it would foster a sustainable trade relationship between the two countries.
The Nigeria-India Business Council aimed at facilitating business partnerships between the two countries.
The country’s power sector is currently facing challenges due to low gas supply.
For almost a month, electricity consumers had been lamenting over poor power supply nationwide.
While the Federal Ministry of Power was yet to issue an official statement on the development, the Transmission Company of Nigeria said stakeholders in the electricity value chain were making efforts to resolve the challenge.
