POWER SECTOR NEEDS FRESH INVESTMENTâ€™, SAY STAKEHOLDERS
Stakeholders have said fresh investments are key to addressing challenges facing the power sector.
The stakeholders called for a structural overhaul of the sector to reduce the bottlenecks currently threatening the sector.
Inadequate infrastructure, low generation capacity, transmission and distribution inefficiency, according to them, resulted in occasional blackouts, erratic supply and increases in tariffs.
The Group Chief Operating Officer, Cabota Energy, Wale Elegbede, said the 2023 Electricity Act would address the generation and distribution challenges as well as create robust legal and institutional frameworks to facilitate a privatised and competitive electricity market.
Elegbede also said the government should prioritise the development and utilisation of renewable energy sources as well as smart grid integration for a stable supply from intermittent renewables.
He noted that exploring biomass and geothermal energy could further diversify the energy mix.
Elegbede also stated that investing in mini-grids and off-grid solutions can help reduce the need for additional power generation, particularly in remote areas.
He said supportive policies, incentives and international collaborations play a vital role in fostering the growth of alternative energy sources, including feed-in tariffs, tax incentives, and renewable energy targets.
Elegbede advised the government to consider nuclear power as a base load source, noting that this would necessitate substantial infrastructure development.
“Building local capacity through education and training programmes will create a skilled workforce for the renewable energy sector, ultimately enhancing energy security, reducing emissions, and promoting sustainable development in Nigeria’s power sector,” he said.
Elegbede also noted that improving accountability and transparency in the power sector is crucial for combating corruption and inefficiencies as well as fostering an environment conducive for private sector investment and sustainable development.
On his part, the Senior Partner, PPP Consults, Joe Tsavsar, said the power sector is in comatose due to poor policy orientation.
He called for the implementation of policies and adequate investments in the sector.