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    MarketForces Africa » MarketForces News » FG Plans 6000 Megawatts to Improve Power Supply – Minister

    FG Plans 6000 Megawatts to Improve Power Supply – Minister

    Julius AlagbeBy Julius AlagbeMarch 12, 2024 News No Comments3 Mins Read
    FG Plans 6000 Megawatts to Improve Power Supply – Minister
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    FG Plans 6000 Megawatts to Improve Power Supply – Minister

    The Federal Government is set to increase electricity megawatts from 4000 to 6000 within the next three to six months to improve power supply.

    The Minister of Power, Mr Adebayo Adelabu,  said this in Abuja on Monday, while meeting with the Heads of Power Agencies and other stakeholders in the industry.

    He said, “4000 megawatts is not acceptable and we have plans to increase the megawatts to a minimum of 6000 to 6500 within the next three to six months.

    ”What we are looking at is to have an agreement to ramp up to a minimum of 6000 megawatts within the next three to six months.

    ”I know that the highest we ever generated was 5,700 megawatts about three years ago, that was specifically in Nov. 2021.

    ”And these 5700 megawatts were also distributed. If we could achieve 5,700 at that time, I believe we still have the infrastructure to generate between 6,000 and 6,500,’ ‘he said.

    Adelabu said that he had visited some generation companies and confirmed that they had the installed capacity to generate 6000 megawatts.

    According to him, a large percentage of the installed capacity is operational, but they are not available because of low or shortage in gas supply.

    ”Once there is gas supply, we want to ramp up generation to a minimum 6,000 megawatts,’’ he said.

    The minister said that he received information about a couple of improvements in the sector but that is not still acceptable until there is a quantum leap in terms of stable electricity supply.

    “We need to do what we need to do to get the power sector to the desired level. Nigerians deserve the right to ask for good governance from people that are elected to power.

    “They deserve the right to ask for improvement in service. People cannot be paying for darkness. What they should be paying for is light. And there should be consistent improvement in supply on a daily basis.

    “So, I also want to use the opportunity to reassure Nigerians that what we are experiencing is temporary. We are addressing the root cause of all these issues.

    The minister said that the ministry of power and the agencies under it are working day and night to ensure that the situation is reversed within a very short time.

    He said the ministry and its agencies would not relent until stable power is achieved adding that the meeting was called to address the issues in the power sector.

    Adelabu said that the administration of President Bola Tinubu is committed to addressing the root cause of the issues and address them so that there can be consistent electricity supply to consumers.

    “This is the only way, we can guarantee good life for our people and increase industrialisation, employment, economic growth, and industrial development.

    “It is true that the Electricity Distribution Companies are in the hands of private sectors. We do not have direct control but we need to compel them to perform.

    “They must perform. If they do not perform, all our efforts in generation, transmission is zero. I had a meeting with the Chairman of Nigeria Electricity Regulatory Commission (NERC) on how to address DisCos performance,’’ he said. #FG Plans 6000 Megawatts to Improve Power Supply – Minister

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    Julius Alagbe
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    Julius Alagbe is a senior financial journalist and Editor at MarketForces Africa with nearly two decades of experience in finance, accounting, and economics reporting.He is one of Nigeria's most prolific financial market reporters, covering capital markets, monetary policy, corporate earnings, banking, telecoms, and macroeconomic developments across Africa.Julius has built a strong footprint reporting on Nigeria's leading corporates and financial services sector, including coverage of the Nigerian Exchange Group, Central Bank of Nigeria monetary operations, MTN Nigeria, GTCO, and major investment banking transactions.He regularly monitors the CBN’s open market operations, interbank FX markets, and equity market movements, providing readers with real-time intelligence on Nigeria’s financial landscape.His reporting draws on direct access to institutional research from firms including Moody’s Ratings, CardinalStone Securities, Fitch, and other leading African investment houses.Julius brings analytical depth and editorial rigour to every story, making complex financial data accessible to professionals, investors, and policymakers across Africa.Julius Alagbe is based in Lagos, Nigeria.

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