Wednesday, September 27, 2023
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Nigeria seeks increased investments in electricity industry

Nigeria Minister of Power, Mr Abubakar Aliyu, on Tuesday urged investors to tap into the numerous investment opportunities that abound in Nigeria’s Electricity Supply Industry (NESI).

This is contained in a statement by Mr Odutayo Oluseyi, Assistant Director, Information/Press, Ministry of Power issued in Abuja.

Aliyu was quoted to have said this at the 2-day Nigeria-India business forum.

He said that with the commitment made by President Muhammadu Buhari, at the Conference of Parties’ 26th Annual Summit (COP26) in Glasgow, where Nigeria planned to achieve Net Zero Carbon Emission by 2060.

The minister said structures were being put in place to increase the opportunity for investment in Gas-to-Power and other gas related opportunities.

“The efforts by the government are paying off and will eventually eliminate the issues of gas constraints along the gas network. We are putting in all these efforts to ensure that timely Return on Investments (ROI) is realised. Let me emphasise that the NESI is young with many investment opportunities, ‘’he said.

The minister said that the power sector, like most other sectors, had suffered many years of neglect resulting in the sorry-state of its infrastructure.

According to him, several efforts had been made to create an enabling environment under the Buhari-led administration.

He said that the administration had done this by retooling of policies, initiation of programmes that are geared towards attracting the right investment and boosting investor confidence.

Speaking on the Nigeria-India Business Forum, he said that it was a strategic platform that has the possibility of showcasing the investment opportunities in the Nigerian Power Sector.

“With the outlook of increasing energy demand in Nigeria, it is imperative that the government take a forward-looking approach towards building future energy sources that are secure, sustainable, affordable and reliable,’’ he said.

Inaugurating the forum, Vice-President, Prof. Yemi Osibanjo, encouraged entrepreneurs to take advantage of the huge investment opportunities in various sectors of the economy in Nigeria.

Represented by the Minister of Mines and Steel Development, Olamilekan Adegbite, he expressed optimism that the forum would solidify the existing business relationship between Nigeria and India with mutual benefits to both countries.


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