Abuja -The Minister of Power, Prof. Chinedu Nebo, said close to $10 billion
(N1.6 trillion) investment was needed to double the power generation
capacity of the country.
Nebo disclosed this when he made a presentation to the National Conference
Committee on Energy in Abuja
He also noted that Nigeria needed over $300 billion investment in the power
sector for it to meet the power generation of South Africa.
The minister said that South Africa which was a little more than one-quarter
of the population of Nigeria was generating 10 times power than Nigeria.
"The implication is that South Africa is generating per capita, 40 times
what Nigeria is generating.
“If Nigeria were to be at par with South Africa we should be generating 160 000
megawatts, no doubt about that.
"We must note that if that were to happen in Nigeria, the minimum that
government will need to put in place would be over $300 billion and no
government on earth can do that.
"Even to double our capacity, in generation alone, the minimum investment
needed to double our capacity as at today is close to $10 billion.
"On transmission infrastructure and the distribution infrastructure,
Nigeria has to devote about 100 percent of its annual budget to power alone and
yet not meet the target,’’ Nebo said.
He said that the current administration under its transformation agenda had
embarked on several efforts, including the privatisation of PHCN, to transform
the standards of living of Nigerians.
He said that was the reason government invited private investors to invest
in the sector.
Nebo said that the installed capacity as at now was 9 920 megawatts,
available capacity was 6 000MW while the average energy delivered was 80 500
The minister said hopefully by the end of year 2014 Nigeria would have
significant improvement in the power sector.
He said that government was over hauling the major hydropower supply source
in the country.
He added that in regards to solar and wind, government was moving toward
development of renewable energy.
The minister, however, identified vandalism of power and gas infrastructure
as major challenges in the power supply in the country.
Other challenges facing the sector, according to him, are huge request for
compensation by communities along transmission right of way.
Nebo stressed the need for more of electro-mechanical engineers,
technologists, technicians and artisans in the power sector.
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