Nigerians spent N20 trillion to power generators in 2023 – Minister

The Minister of Power, Adebayo Adelabu, yesterday, said Nigerians spent over N20 trillion in 2023 alone buying diesel and petrol to power their generators.

He noted that for Ni­geria to unlock the full potential of power sector and achieve the Nigeria Energy Transition Plan, there is need for increased investment in gas develop­ment, reports Daily Independent.

Speaking at the ongo­ing Nigerian Oil and Gas Conference (NOG) in Abu­ja, Adelabu said Nigerian power sector consumes the largest share of the country’s domestic gas supply.

“The power sector in Ni­geria consumes the largest share of the country’s do­mestic gas supply. I am here to advocate for increased investment in Nigeria’s gas development to unlock the full potential of our power sector and achieve the Ni­geria Energy Transition Plan”, he said.

Adelabu further urged the potential investors to consider the significant benefits of investing in renewable energy proj­ects in Nigeria, stressing that the country boasts abundant resources, par­ticularly solar, wind, and hydro energy, providing a remarkable opportunity for sustainable growth.

According to the minis­ter, the renewable energy market has grown tremen­dously in the last decade, with over $1 billion lever­aged by multilateral devel­opment banks.

“By channeling invest­ments into these renew­able sources, we can ef­fectively meet our carbon emission targets while playing a crucial role in combating climate change.

“As demonstrated by our recently completed $550 million Nigeria Electrifi­cation Project, investing in renewable energy helps reduce carbon emissions, enhance energy security, and support economic de­velopment. Additionally, to complement the NEP, the $750 million DARES proj­ect would provide electric­ity to 2.5 million people in Nigeria by deploying solar home systems and mini-grids. These investments will propel Nigeria toward achieving its desired ener­gy mix and transition tar­gets.

“As demonstrated by our recently complet­ed $550 million Nigeria Electrification Project, investing in renewable en­ergy helps reduce carbon emissions, enhance ener­gy security, and support economic development. Additionally, to comple­ment the NEP, the $750 million DARES project would provide electricity to 2.5 million people in Nigeria by deploying solar home systems and mini-grids. These investments will propel Nigeria toward achieving its desired ener­gy mix and transition tar­gets”, he said.