Categories: Finance

Adelabu Claims 25% Increase in Power Generation Since His Appointment

Adebayo Adelabu, Nigeria’s Minister of Power, has announced a significant milestone in the nation’s energy sector, declaring a 25% increase in power generation within a year of his appointment.

The announcement was made during the inaugural meeting of the Inter-Ministerial Power Sector Working Group, held in Abuja on Wednesday.

Adelabu, who took office as Minister of Power under President Bola Tinubu’s administration, emphasized that this improvement is a result of comprehensive support from the President and collaborative efforts across various ministries.

“The President meant his words that he would give us all the support, all the backing, and the inspiration we require to turn around this sector. He has kept his word since he assumed office,” Adelabu stated.

Highlighting the progress, Adelabu noted that on July 27, 2024, Nigeria successfully generated and transmitted 5,105 megawatts of power, the highest output in the past three years.

This represents a significant increase from the previous average generation capacity, which hovered around 4,000 megawatts or less.

“Within a year of taking over, we have had about a 25% increase. We are actually on track towards achieving the President’s instruction that by the end of December, we must achieve a landmark generation and transmission of 6,000 megawatts,” Adelabu added.

The Minister also outlined the strategic importance of the power sector as a driver of national economic growth.

He stressed the need for ongoing collaboration between the Ministry of Power and other key ministries to overcome challenges that could hinder the sector from reaching its full potential.

According to Adelabu, the generation, transmission, and distribution of power cannot be left solely to the Ministry of Power and its agencies.

“There are lots of supportive ministries without which the sector’s mandate cannot be achieved,” he remarked.

Currently, about 75% of Nigeria’s power generation comes from gas-powered plants, while the remaining 25% is derived from hydro-electric sources.

Adelabu emphasized the importance of sustainable and environmentally-friendly power generation, including renewables such as solar and wind energy.

He highlighted the critical role of the Ministry of Water Resources in supporting the hydro-electric power sector and acknowledged their contributions to the overall progress.

Adelabu also addressed the challenges facing the power sector, particularly the reliance on gas for thermal generation.

He pointed out that issues such as gas availability, quality, and transportation, as well as pipeline vandalization, have previously led to significant disruptions in power generation.

The Minister called for closer cooperation with the Ministry of Petroleum Resources, noting that their role is crucial in ensuring a steady supply of gas to the power sector.

Looking ahead, Adelabu expressed optimism that with continued collaboration and support from all relevant ministries, the power sector would achieve even greater milestones.

He reaffirmed the government’s commitment to increasing power generation capacity and improving the distribution network to ensure that the benefits of these advancements are felt by households, businesses, and industries across the country.

Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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