Minister seeks increased investments in electricity industry

Minister seeks increased investments in electricity industry

By Constance Athekame, Abuja.

 

The 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).

 

The minister’s call is contained in a statement issued by Mr Odutayo Oluseyi, Assistant Director, Information/Press, Ministry of Power, in Abuja.

 

Aliyu was reported as making the call at the two-day Nigeria-India Business Forum.

 

The minister noted 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.

 

He, therefore, said structures were being put in place to increase the investment opportunities in the Gas-to-Power and other gas-related energy ventures.

 

“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.

 

Aliyu 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 have been made to create an enabling environment under the Buhari-administration.

 

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

 

Speaking on the Nigeria-India Business Forum, the minister said that it was a strategic platform that had 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, the 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, the vice-president expressed optimism that the forum would solidify the existing business relationship between Nigeria and India, with mutual benefits accruing to both countries.

 

The forum had in attendance various investors and would-be investors from Nigeria and India, members of the diplomatic corps of both countries, the military and various stakeholders, among others.

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