At the opening of the 23rd Nigerian Economic Summit in Abuja, with the theme: “Opportunities, Productivity, and Employment: Actualizing the Economic Recovery and Growth Plan,” the Vice President Yemi Osinbajo stated that although challenges persist with distribution to consumers, Nigeria has increased its power generation capacity to above 7,000 megawatts.
Osibanjo Commissions Meter Factory in Akwa Ibom
Mr. Osinbajo also 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.
“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.
One part of the government’s efforts to resolving these challenges in power generation is to develop the infrastructures necessary to sustain the growth of the economy following the exit from recession in the second quarter of this year.
Mr Osinbanjo stated also that the resolution of the foreign exchange crisis and the restoration of stability in supply to investors and small businesses were some of the achievements of his administration since the last Economic Summit which was held last year.
“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.