The Minister of Power, Adebayo Adelabu, has said Nigeria will generate 6 gigawatts of electricity by the end of 2024, despite currently generating only 5,155 MW.
Adelabu gave the assurance while speaking on Thursday at the Board retreat of the Nigeria Electricity Liability Management Company in Lagos.
“We aim to attain the threshold of a new era in power delivery with a target of 6 gigawatts by the end of December 2024 in the short term, and the Federal Government is still focused on Vision 30-30-30. By 2030, we aim to achieve 30 GW in the medium term, with renewable energy constituting 30 per cent and universal access in the long term. We must align on the principles guiding our activities and the strategies driving our progress,” he added.
Adelabu also urged the government and members to embrace corporate governance to achieve the standard raised above in the power sector.
“As we manage the liabilities of the Nigeria Electricity Supply Industry, it is imperative that we uphold the highest standards of transparency, accountability, and integrity. Our actions and decisions must always align with the principles that safeguard public interests, ensuring that trust is maintained and strengthened across the board,” he said.
He also spoke about people now turning to alternative sources of electricity, maintaining the belief that the national grid is still a more reliable source of energy than any other alternative consumers are turning to, and even less expensive compared to other sources.
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“The average cost of producing captive power is about N350 to N400 per kilowatt-hour for those connected to gas lines. For diesel, it’s about N950, while petrol is about N550,” he said.
He stated that efforts would be made to encourage such bulk users to return to the grid.
“Once consumers and industries see the trust, the confidence, and the stability we are giving, they would be encouraged and reconnect to the grid for a cheaper source of power. We must align on the principles guiding our activities and the strategies driving our progress,” he added.
The minister disclosed that the government is currently using a multi-pronged approach to attain these targets for the Nigeria electricity supply industry.
Adelabu enjoined players in the power sector to embrace environmental, social, and governance standards, giving reasons why ESG is the way to go.
“In today’s world, ESG considerations are no longer optional; they are integral to every corporate operation. NELMCO’s role goes beyond managing financial liabilities – we are also stewards of social and environmental responsibilities.
“We must incorporate sustainable practices into our strategies, ensuring that our actions contribute to Nigeria’s broader goals of achieving the nation’s climate ambition and fostering social equity. This commitment to ESG will not only enhance our reputation but also ensure long-term value creation for all Nigerians,” he concluded.
