Mr. Osinbajo, who was speaking at the opening of the 23rd Nigerian Economic Summit in Abuja, said the government was determined to realise its target of 10,000 MW generation capacity set in Nigeria’s power generation capacity above 7,000 MW, said Mr. Osinbajo.
“Government is dealing with the constraints of power distribution to ensure generated power get to the consumers. The Nigerian Electricity Regulatory Commission, NERC, is working on an arrangement to ensure independent power distribution companies to sell power directly to metered customers.
“This will not only help realize the 10,000 MW generation capacity envisaged in the ERGP, but also build to deliver that capacity to customers,” he said.
Resolving the challenges in power generation, he said, was part of the government’s efforts to develop the infrastructure necessary to sustain the growth of the economy following the exit from recession in the second quarter of this year.
The Vice President highlighted some of government’s achievements since last years’ Economic Summit to include the resolution of the foreign exchange crisis and the restoration of stability in supply to investors and small businesses.
“The issue of scarcity of foreign exchange last year has not only been turned around, but has stabilized, with foreign reserves rising to over $32 billion, with end users having increased access to foreign exchange to do their businesses,” he said.
“The inflows into the economy from remittance by Nigerians have increased to about $1.8 billion, almost doubling the figure realized from the first quarter of this year, with the Anchor Borrowers Programme benefitting over 200,000 small-scale farmers, with over N43 billion of new investments from local investors.
“We are moving steadily towards self-sufficiency in rice production, sorghum and many other products that are vital to the country’s food security aspirations and exports. The N-power programme for unemployed graduates has employed already 200,000 graduates and another 300,000 are set to be recruited for this current phase.”