Vice President, Yemi Osinbajo has said that by sustaining the significant strides made by the Buhari administration in the electricity sector, with increased investments and improvements in the value chain, Nigeria could become one of the best power markets in the world.
Prof. Osinbajo stated this on Tuesday in his remarks at the official commissioning of the 240MW, AFAM 3 Fast Power Project in Port Harcourt, Rivers State, where he represented the President.
According to the VP in a statement by his media aide, Laolu Akande, “we have all the ingredients to create one of the best power markets in the world. I am also confident it will happen within our lifetimes.
The challenge before us now is for the industry to leverage the improved commercial environment that has been created to sustainably supply electricity and improve service to all citizens. This administration has made significant strides in this direction.”
Referencing the efforts of the administration in the sector, the VP said “the complete story is that in the past few years we have seen more new money coming into the power value chain.
“These transactions include, Quest Plc that became core investor in Yola DisCo in 2020 with the transaction worth N19 billion. Last month the National Council on Privatization, NCP, approved the 30-year concession on Zungeru Hydro Power Plant at $70 million a year. And overall, the story of the Nigerian electricity supply industry is also getting better.”
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