By Adaobi Rhema Oguejiofor
The Minister of Power, Adebayo Adelabu, has said that the recent surge in the price of natural gas has profoundly impacted the country’s capacity to generate enough power.
Adelabu revealed this at the closing session of the African Natural Resource and Energy Investment Summit, which was held in Abuja on Thursday.
The minister, while speaking on the challenges in the sector, noted that the increased cost of production has affected foreign investments, reduced reliability, and environmental concerns.
He also sought continued cooperation and collaboration to help implement government policies and programmes in the energy sector for the well-being of Nigerians and the country’s economic development.
In his own words, “I want us to discuss the impact of high gas prices on power generation in Nigeria. It is a matter of utmost importance that affects not only our economy but also the daily lives of every Nigerian citizen. In recent times, we have witnessed a significant increase in the price of natural gas in the global market. This surge in gas prices has a profound impact on our power generation subsector.
“Let me mention some of the key consequences, which include increased cost of production; reduced reliability; investment challenges; and environmental concerns when power companies resort to using cheaper but more polluting fuels. Hence, I am using this medium to seek your continued cooperation and collaboration so that we can together implement government policies and programmes in the energy sector for the well-being of Nigerians and the country’s economic development.”
Adelabu added that with collaboration, the full potential of Nigeria’s energy sector can be unlocked and set the stage for a brighter, more sustainable future.
The minister expressed the need to attract domestic and foreign investment towards energy self-sufficiency, and economic diversification, stating that the government is ready to expand access to electricity, upgrade infrastructure, promote renewable energy, and encourage private investment.
According to him, the Electricity Act recently signed by the president was formulated to compel the utilization of renewable and non-renewable energy sources for power supply in the country and attract investments.
