The Minister of Power, Chief Adebayo Adelabu, says the Federal Government has been steadfast in its mission to transform the country’s power sector.
Adelabu gave this assurance during the ninth edition of the Nigeria Energy Forum (NEF 2024) Conference on Monday in Lagos.
The NEF 2024 theme was entitled: “Energising Sustainable Industrialisation.”
According to the minister, over the past few years, we have significantly increased our installed generation capacity by bringing new power plants online and rehabilitating existing ones.
“This has resulted in a substantial increase in the overall power supply to the national grid,” he said.
The minister was represented by Dr Sunday Owolabi, the Director of Renewables and Rural Development.
Adelabu called on stakeholders, government agencies, private sector partners, international organisations, and the people to join in the endeavour.
Mr Peter Olowononi, the Head of Client Relations, Anglo West Africa, African Export-Import Bank (Afreximbank), said the bank was one of the biggest financial institutions, supporting energy and industrialisation in Nigeria.
“We are also financing a lot of the oil and gas companies who produce gas required to fire some of the generation companies in the country.
“We are at the forefront of lighting up Africa, industrialising Africa, and ensuring that we can improve the economies of the African countries,” he said.
Caroline Eboumbou, the Chief Executive Officer, All On, said the mission of the company was accelerating the closing of access to the energy gap in Nigeria with a special focus on Niger Delta.
Eboumbou said the company would continue to ensure increased access to commercial energy products and services for off-grid communities both underserved and unserved.
Also speaking, Svein Baera, Norway’s Ambassador to Nigeria, said it would continue to support the deployment of solar and battery energy for supermarket chain.
Mr Ife Oyedele, the Executive Director, Networks, Niger Delta Power Holding Company, said the company had constructed 10 power plants with a total capacity of approximately 5,000 Megawatts.
“We have undertaken over 121 transmission lines and substations projects expansion works,” he said.
The United Nations Development Programme Resident Representative represented by Mr Muyiwa Odele, Environment Team Leader, noted that unlocking Nigeria’s potential would require reliable, affordable, and equitable access to sustainable energy.
This, he said, would enable the country to fully realise its full economic and industrial development potential.
Chief Ajibola Adebutu, the Chief Executive Officer of J B Farms, represented by Seyi Atilary, Deputy Managing Director, said the company is bridging the gap in integrated oil palm farming and agro-processing across the nation.
According to him, the company is helping to gainfully employ youths, and supply homegrown oil palm products for domestic consumption, thereby strengthening the naira.
“We have palm oil mills to turn up the value chain of palm oil and refine palm oil products into other products, and also develop a soap business from the refined palm oil product,” he said.
In his remarks, Dr Oluwole Adeuyi, the Chairman of NEF, said the 2024 forum followed the successful origination of a landmark $40 million agro-industry financing deal at the NEF 2023 between Afreximbank and a homegrown manufacturer.
“The 2024 forum is building on the success of last year’s story, and we have set a minimum target to originate and mobilise over $100 million of new financing.
“This is to foster expansion of agro-industry and accelerate solid mineral processing in Nigeria, and the goal is to see our local manufacturers thriving globally,” he said.
Mr Adekunle Makinde, NEF co-chair said, “The 2024 Tertiary Institutions Student Energy Pitch Contest Finals was supported by All On.
“First Prize of N1.5m was awarded to Renewable Clean Cooking Project, Landmark University, Kwara State.
“Power Control Box project from Imo State University won the second prize of N1.1m, third prize of N900,000 was awarded to the Solar Food Chain project, University of Benin.”
